Business Services Industry
About time: Fund managers reject an IPO.(Opinion)(Nalco Holding Co. )
Crain's Chicago Business, May, 2005
Last week brought a welcome sign that the folks who manage Americans' savings and pension money are wising up to Wall Street's latest parlor trick. Big institutional investors-mutual funds, pension managers-balked at the quick-turn initial public offering of shares in Boise Cascade Holdings LLC, forcing the paper and wood products company to cancel the offering.
Boise is controlled by Madison Dearborn Partners LLC, a Chicago private-equity firm that purchased the company last year in a $3.9-billion buyout financed mostly with borrowings Boise will have to repay. Madison Dearborn's initial equity investment was just $245 million. Madison Dearborn figured on recouping $241 million of that equity investment by pocketing more than half the $400 million Boise's...
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