The Einstein Noah Restaurant Group, whose bagel shops include Einstein Brothers Bagels, Noah’s New York Bagels and Manhattan Bagel, said on Monday that it would sell itself to JAB Holding Company, a German conglomerate formerly called Joh. A. Benckiser, for about $374 million. The price of $20.25 a share in cash represents a 47 percent premium over Einstein Noah’s 30-day average trading price, the company said…David Einhorn, whose hedge fund is Einstein Noah’s largest shareholder, with a stake above 35 percent, said he supported the sale to JAB. He called the deal a “win-win for all parties.” “For more than a decade, we have worked closely with the Einstein Noah Restaurant Group to execute a turnaround plan, reducing debt and expanding its store footprint,” Mr. Einhorn said in a statement. “J.A.B. is an experienced firm that will lead Einstein Noah Restaurant Group into its next phase of growth.” [Dealbook]
Posts by Bess Levin
The British bank has told 8 employees to turn in their ID badges and cough up their bonuses. Read more »
Bill Gross Made It Through Entire Job Interview Without Referring To Himself As The Triple Crown Of Newport BeachBy Bess Levin
Charlie Gasparino, live from the DJ booth: Read more »
According to the Wall Street Journal Pimco investors have pulled $10 billion since Friday, when it was announced that founder Bill Gross was taking his bonds and leaving. Is this development cause for concern over in Newport Beach? No, says Pimco management, and for three reasons:
1. Most people aren’t going to follow ole whatshisface out to Denver.
2. They’ve got the liquidity to handle however many billions in redemptions the firm ultimately sees.
3. Everyone knew this was going to happen initially, and not because Bill Gross is some great investor but because there are always outflows after any quasi senior employee leaves. Bill Gross isn’t special. Twenty-seven year-old VPs cause outflows.
When someone walks into Dealbreaker headquarters, it’s my job as Chef de cuisine to make sure he or she doesn’t leave without getting stuffed with food. I do this chiefly out of my lifelong passion for feeding people but also for safety reasons. I more than anyone understand an empty stomach is the kind of thing that can get you into major trouble, and you should too. As many of you will recall, private equity manager Russell Stildolph learned that lesson the hard way, on Nov. 19, 2010.
Now it’s unclear as to what Russell did the bulk of that evening, but we know how the night ended. Just before midnight, Russell tried to park his Porsche 911 Carrera in a makeshift second-story garage, aka the roof of a neighbor’s house a half mile away from his own. Russell told cops he didn’t remember what happened, not surprising considering his blood alcohol content was more than twice the legal limit.
Russell could’ve saved the stitches, fines, legal troubles all by doing one simple thing. EATING. You know what lowers your blood alcohol content? FOOD! And, according to some research, you know what’s the best kind of food to eat when you’re drinking? GREASY food! Oh Russell. Where have I been all your life?
I haven’t reviewed the security video at the bar from that night, but I’m guessing, Russell didn’t eat very much that brisk November Friday. Sure, he may’ve picked at a bowl of high-end waxy snack mix at the bar, but that’s not a meal.
If Russell was under my purview now, and I’m not confirming or denying he is, Nov. 19, 2010, would have ended very differently because it would have STARTED very differently. Each sip of 1800 Silver Tequila or whatever he drank would have been followed by a bite of one of the world’s favorite, greasy foods: mozzarella sticks. Read more »
As you may have heard, hedge fund manager Louis Bacon is in a bit of a tiff with “Canadian clothing magnate” Peter Nygard, his neighbor in Nassau. While the genesis of the argument is unclear, Bacon appears to have been upset with Nygard for doing some environmentally questionable things in the area, while Nygard claims Bacon’s beef is that he wouldn’t sell the Moore Capital founder his land. Typically, when rich people live within close proximity of one another, disagreements quickly devolve into amazingly petty wars of words and actions between two people with little to lose and unlimited resources with which to do things, like, say, cut down each other’s shrubs without asking. Any past feuds between the exceedingly wealthy, though have been complete and total child’s play compared to Bacon v. Nygard, in which:
* Bacon has claimed Nygard paid off a group of people to march around carrying signs linking Bacon to the KKK.
* Nygard has claimed an assistant of Bacon’s, acting on orders from his boss, blasted the most annoying sounds in the world from “military grade speakers” directly into Nygard’s bedroom, as a message not to fuck with Bacon.
* Nygard has claimed Bacon also dispatched an assistant to burn down his neighbor’s house. Read more »
We Almost Had A Universe In Which Bill Gross Uttered The Words “Yes, Mr. Gundlach, Anything Else Mr. Gundlach?” Monday-FridayBy Bess Levin
In a move that stunned Wall Street, bond guru Bill Gross is joining Janus Capital Group, effective Sept. 29, the company announced Friday. Gross is leaving as chief investment officer of Pimco, the company he founded, after a remarkable 43-year tenure. Bond guru Bill Gross had met with Jeffrey Gundlach to discuss joining fixed income investment management firm Doubleline.1 Five Pimco executives told parent company Allianz they would leave Pimco if Gross did not. [CNBC, earlier] Read more »