UPDATE 3-TXU recommends merger approval, CEO may leave

(Reuters) - TXU in proxy materials filed with the U.S. Securities and
Exchange Commission defended the $69.25-per-share offer from a
private equity group led by Kohlberg Kravis Roberts &
Co.[KKR.UL] and Texas Pacific Group [TPG.UL].




The filing came one day after money manager Franklin
Resources Inc. , the Texas power company's largest
shareholder, said it would vote against the proposed buyout
because the offer price was too low.


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UPDATE 2-TXU recommends merger approval; CEO may leave

(Reuters) - TXU in proxy materials filed with the U.S. Securities and
Exchange Commission defended the $69.25-per-share offer from a
group led by Kohlberg Kravis Roberts & Co [KKR.UL] and Texas
Pacific Group [TPG.UL].




The company said the price was a "meaningful" premium to
its stock price and that it would probably not have done better
without the deal, the largest leveraged buyout in history.


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DealTalk: KKR aims to take role of banks with IPO

(Reuters) - Private equity firm Kohlberg Kravis Roberts & Co. said in its IPO prospectus earlier this week that the $1.25 billion offering will allow the firm to expand its ability to syndicate equity and reduce reliance on third-party sources of capital.




Syndicating leveraged buyout equity is normally the role of investment banks. Does KKR wish to cut banks entirely out of the LBO process? The answer is no, sources close to the firm say, since the firm will still rely on banks to handle the debt borrowed for the deals.


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Investment fund rejects revised bid for Laureate

(Reuters) - NEW YORK, June 11 - An investment firm that owns nearly 10 percent of Laureate Education Inc. said on Monday that a sweetened $3.82 billion offer from an investor group including management, Kohlberg Kravis Roberts & Co. and hedge fund SAC Capital is too low.



The investment firm, Select Equity, said the revised offer values Laureate at a deeper discount to its peers than the original offer did in January because of rises in the peers' valuations and because Laureate beat its earnings expectations. Laureate's board had accepted the sweetened offer on June 4.


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Laureate accepts sweetened takeover bid

(Reuters) - The higher bid represents a 3 percent premium to Laureate's Friday closing price of $60.11 on the Nasdaq. The shares rose to $61.48 in Monday morning trade.




The investor group, led by Laureate Chief Executive Douglas Becker, includes Kohlberg Kravis Roberts & Co., Citi Private Equity, S.A.C. Capital Management and others.


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