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.


Read more at Reuters.com Mergers News

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.


Read more at Reuters.com Market News

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.


Read more at Reuters.com Mergers News

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.


Read more at Reuters.com Mergers News

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.


Read more at Bloomberg Stocks News

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.


Read more at Reuters.com Mergers News