Week in Review: Steinway, BlackBerry, and IPOs

Here are a few major stories from this past week:

The IPO Resurgence: While there have been serious doubts about the IPO market in the past year, activity in August suggests a new era may be on the horizon. Between July 31 and August 9, 16 companies went public — with five in just one day. While many investors cheer the resurgence, others are more worried.  The surge has also caused FINRA to look into analysts — and see if they’ve been pitching IPOs.

Steinway Saga: Go-shops rarely work. Unless you’re one of the most recognized piano makers in the world — and a hedge fund billionaire has a love for your pianos. Earlier this week, John A. Paulson topped Kohlberg’s $35 offer for Steinway. After Kohlberg declined to make a better counteroffer, the deal closed for $512 million — or $38 per share.

BlackBerry on the Block: BlackBerry announced on Monday morning that it was exploring “strategic options” to save the waning brand. The rapidity of BlackBerry’s demise makes it a less than ideal purchase — and some believe it won’t fetch more than $12 or $13 per share. There are talks that the best way to handle the once-mighty BlackBerry would be in a club deal.

Member Spotlight:

Linden is a private equity firm focused exclusively on healthcare and life sciences investments. The firm specializes in traditional management buyouts of independent companies as well as investments in non-core businesses owned by large corporations. Linden joined Axial in 2012.

The team combines investment, operating and corporate relationship management skills to provide premier portfolio management. Current investments include: HYCOR, Gentle Dental, Young Innovations, Inc., Corpak, Strata and SeraCare.

Connect with Linden or any of the other 13,000+ Axial Members.

Did you hear?

Investments:

• Crofton Capital Acquires Schylling Associates
• IBM to Acquire Trusteer
• Arthur J. Gallagher & Co. Acquires Bollinger, Inc.
• Aurora Capital to Buy NTS
• Private Equity Execs Buy NJ Devils
• Pinnacle Foods Inc. To Acquire Wish-Bone Salad Dressing
• Frontier Capital Invests in MultiLing

Opinions:

• Founder Economics: How Much Will You Walk Away With?
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• Buyout Firms Stop Passing the Parcel