Mergers and Acquisitions
Mnuchin & Liberty Strategic Capital come to the rescue of NYCB
The news on NYCB just keeps coming today, and it appears as if it’s fundraising round was successful. The cash-strapped bank has just issued a press release and it appears Steve Mnuchin and a consortium consisting of Liberty Strategic Capital, Hudson Bay Capital and Reverence Capital Partners has come to the rescue with a $1bil cash infusion.
Some terms of the deal include:
- Reduction of the board size to 9-members (from 15 according to its website)
- Addition of Mnuchin and Joseph Otting to the board
- Otting will become CEO (replacing Alessandro DiNello who was installed last week)
Shares have rebounded and are now up ~5% on the day, which has to help offset some of Jenny Harrington’s losses on the stock.
BowFlex can’t handle the weight
BowFlex is filing for bankruptcy with $140mm in assets and $125.9mm in debt. The home workout equipment maker has said that it has a bid of $37.5 million from Johnson Health Tech which will enable it to continue operating in the interim.
JetBlue officially grounds takeover of Spirit Airlines
This was all but inevitable after a judge ruled against the acquisition last month, but it’s now officially dead.
Spirit is now on deathwatch.
