PRESS DIGEST - New York Times business news - Aug 3

(Reuters) - * China's high-profile investment in the Blackstone Group
LP has produced an unusual backlash within China as
shares in the equity firm have dropped steeply since it went
public in June.




* Take-Two Interactive Software Inc. , the video
game publisher, said on Thursday that it was postponing the
release of the latest game in its wildly popular Grand Theft
Auto series. The delay is likely to have ripple effects on the
broader video game industry during its crucial holiday selling
season.


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Hilton profit rises ahead of Blackstone deal

(Reuters) - NEW YORK, July 31 - Hilton Hotels Corp , which is being acquired by private equity firm Blackstone Group , posted a better-than-expected 15 percent rise in quarterly profit on Tuesday, helped by higher room rates.



The strong earnings, fueled by robust demand from business and leisure travelers, highlights the continuing boom in the lodging industry, which has made hotel companies sought-after assets.


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DJO to be bought by ReAble Therapeutics

(Reuters) - NEW YORK, July 16 - Knee and ankle brace maker DJO Inc. said on Monday it agreed to be bought by medical device maker ReAble Therapeutics Inc. for about $1.6 billion including debt, in a bid to increase its market share.



The cash offer of $50.25 per share by ReAble, which is controlled by private equity Blackstone Group . represents a 19 percent premium over DJO's Friday closing price of $42.10.


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Blackstone says not using tax loopholes

(Reuters) - The newspaper said in an article on Friday that Blackstone
had devised a way for its partners to effectively avoid paying
taxes on $3.7 billion, the bulk of what it raised last month
from selling shares to the public. The New York Times
was not immediately available for comment.




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Hotel buyouts a bonanza for many mutual funds

(Reuters) - Private-equity firm Blackstone Group's $20 billion bid for Hilton Hotels Corp. on Tuesday sparked a 27 percent rise in shares of the second-biggest U.S. hotel chain over Thursday and Friday, and boosted those of Hilton's rivals.




But for funds that bought Hilton at its lows in 2001 and still own them, the gains are nearly 500 percent.


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UPDATE 2-Fitch, S&P cut Hilton's rating on acquisition

(Reuters) - Another agency, Moody's Investors Service, said it may cut
Hilton's ratings and will base its decision on the company's
capital structure when the deal closes.




Blackstone agreed on Tuesday to buy Hilton for about $20
billion plus debt, the richest in a series of recent private
equity offers for hotel companies. For details see
[ID:nN03234692].


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US STOCKS-Futures inch higher on M&A, data eyed

(Reuters) - NEW YORK, July 5 - U.S. stock futures edged
higher on Thursday, boosted by takeover news, but investors
were cautious before economic data that could give clues on the
outlook for interest rates.




Shares of Hilton Hotels Corp. rose 30 percent to
$47 before the bell after U.S. private equity firm Blackstone
Group on Tuesday agreed to buy the company for about $20
billion plus debt. For details, see [ID:nN03234692].


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Blackstone shares fall nearly 6 pct on 2nd day

(Reuters) - Blackstone units slid more than 5 percent in morning trading on the New York Stock Exchange, dropping as much as $2.06 to $33.00.




The units rose 13 percent in their Friday market debut to $35.06, in contrast to the wider market, which fell sharply.


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Blackstone, Chevron, Doral Financial, Pier 1 Imports: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes on U.S. exchanges
today. This preview includes news that broke after exchanges
closed on June 22. Stock symbols are in parentheses after company
names. Share prices are as of 9:08 a.m. in New York.

Blackstone Group LP (BX US) gained 39 cents, or 0.4 percent,
to $35.45 before the official open of U.S. exchanges. The
private-equity firm may face challenges from higher taxes and a
shrinking field of takeovers, Barron's said, without citing
anyone. Blackstone stock rose $4.06 to $35.06 in its June 22
debut following a $4.13 billion initial public offering.


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Blackstone jumps over 20 percent in debut

(Reuters) - The $4.13 billion offering, closely watched by Wall Street to Washington, was the largest U.S. IPO in five years and the sixth-biggest ever. People familiar with the offering said Blackstone shares were about seven times oversubscribed, indicating strong demand.




The IPO broke new ground for an industry that has become a driving force in global finance by pursuing ever-larger takeovers and raising record amounts of capital.


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U.S. shares set for weak start; eyes on Blackstone

(Reuters) - Investor focus is likely to be on private equity group
Blackstone , which makes its debut on the New York Stock
Exchange after its initial public offering at $31 a share valued
it at $33.48 billion and marked a watershed for the booming
private equity industry.




"The Street is talking of an opening $2 to $3 higher, and
it's clear that those who got in early will make money," Steve
Previs of Jefferies International said.


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DEALTALK-Lender wariness signals peak for REIT buyouts

(Reuters) - Acquisitions such as Blackstone Group's $23 billion purchase of Chicago-based Equity Office Properties in February sent property prices soaring on talk of more such deals to come, particularly for office REITs.




But valuation and credit concerns have undermined lender confidence in commercial real estate, threatening private equity firms' strategy of funding takeovers by flipping properties soon after completing a deal.


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Blackstone to present Bear Stearns fund rescue plan

(Reuters) - In the Tuesday meeting, creditors including Merrill Lynch
, Citigroup and JPMorgan Chase & Co. will
be briefed on a plan to keep the fund going, including a $500
million capital infusion and a year-long freeze on collateral
calls. Citi would lead the recapitalization.




Blackstone [BG.UL], the private-equity investment giant
that is also an active restructuring adviser, and Merrill
declined to comment. Officials at Bear Stearns and JPMorgan
were not immediately available to comment.


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