All articles tagged with #bidding
The NBA’s Board of Governors approved moving forward with exploring expansion to Las Vegas and Seattle, with a decision expected by the end of 2026. A formal bidding process will gauge interest, and any new franchises could begin play in 2028-29; expansion is not guaranteed, but the markets are seen as strong revenue prospects, with rumored fees of $7–$10 billion per team and broad support from city leaders.
Deadline reports Casey Wasserman is rebranding Wasserman Media Group as “The Team” while the formal sale of the agency empire begins, with NDAs issued and a data room opened. Potential bidders including WME, CAA, Range Media Partners, UTA, and Goldman Sachs are signaling interest in acquiring the entire operation (including related Brillstein/Paradigm assets), with prices likely north of $1 billion. The move follows Epstein-Maxwell controversy and mounting LA politics pressuring Wasserman’s continued involvement with LA28, adding urgency to the sale.
Five groups are bidding to buy the San Diego Padres, led by Vuori founder Joe Kudla partnering with Drew Brees; other suitors include Joe Lacob and José Feliciano. First-round offers were due, with whispers of a near-$3 billion price tag as MLB eyes a possible deal around Opening Day.
The sale process of 23andMe has been reopened with new bids after a previous deal with Regeneron was announced. Co-founder Anne Wojcicki, through her nonprofit TTAM Research Institute, has increased her bid to over $305 million, surpassing Regeneron's offer, as the auction heats up with new rules allowing Regeneron to counter with at least $315 million. The sale raises privacy concerns, but both parties have committed to maintaining existing privacy policies.
23andMe, a genetics company in bankruptcy, is seeking to reopen its asset sale process after founder Anne Wojcicki's nonprofit made a $305 million bid, surpassing Regeneron's previous offer. Regeneron is considering a new bid but demands a breakup fee, as the companies negotiate in court. The company's bankruptcy followed a high-profile launch, financial losses, and a data breach, leading to legal and financial challenges.
Anthony Scaramucci, the former White House communications director, has emerged as a leading bidder for SVB Financial Group's venture-capital arm. Scaramucci's investment firm, SkyBridge Capital, is reportedly in talks to acquire the unit, which manages around $3.7 billion in assets. The potential deal highlights Scaramucci's interest in expanding his firm's presence in the venture-capital industry.
Trucking firm Estes Express has submitted a revised stalking horse bid worth $1.525 billion in cash for bankrupt Yellow Corp's shipment centers, surpassing Old Dominion Freight Line Inc's previous bid. The new bid offers more money for the acquired assets and fewer fees in terms of bid protections. Yellow Corp halted operations in July and filed for bankruptcy last month, citing the International Brotherhood of Teamsters union as a contributing factor.
Cleveland-Cliffs, a major steel producer, is demanding to know the identities of other bidders for U.S. Steel as it seeks to acquire the company. Cleveland-Cliffs has made a $1.4 billion offer for U.S. Steel's assets, but wants to ensure that it is not being outbid by other potential buyers.
The US Federal Trade Commission (FTC) is investigating whether Abbott Laboratories and other baby formula makers colluded in bidding on state contracts, specifically for the US Department of Agriculture's Women, Infants and Children (WIC) program. The FTC is looking into whether the companies "engaged in collusion or coordination with any other market participant regarding the bidding." The antitrust agency also requested information about the company's formula sales outside of the program. Abbott said it was cooperating with the FTC's information requests and was unaware of any factual basis to support the WIC-related investigation.
Actor Ryan Reynolds will not be moving forward with his bid to own the NHL's Ottawa Senators, alongside real estate mogul Christopher Bratty and the Remington Group. Reynolds requested "an exclusive window to complete the deal" and was denied. The deadline for final, non-binding offers for the Ottawa team is May 15. Other interested bidders include Michael Andlauer, Sacramento Kings owner Vivek Ranadivé, billionaire Steve Apostolopoulos, and Jeffrey and Michael Kimel.
Subway's financial adviser, JPMorgan Chase & Co, has offered a $5 billion debt financing package to private equity firms bidding for the sandwich chain, hoping to secure a sale price of over $10 billion. Rising interest rates and concerns about an economic slowdown have made debt more expensive and less available for buyout firms, affecting the amount they are willing to offer. Second-round bids for Subway have come in from over 10 private-equity firms, including Bain Capital, TPG, Advent International Corp, TDR Capital, Goldman Sachs's buyout arm, and Roark Capital. Subway is allowing bidders to use any financing route they want, as long as they can secure committed financing.
JPMorgan, Citizens, and PNC have submitted bids for First Republic, a private bank that caters to high-net-worth clients. The bank is expected to fetch a high price due to its strong reputation and growth potential.
Valley National Bancorp has submitted a bid to the Federal Deposit Insurance Corp (FDIC) to acquire Silicon Valley Bank, according to sources. The FDIC, which now controls the bank's assets, has requested separate offers for the bank and its private arm by March 24 and is expected to announce a winner as early as this weekend. First Citizens BancShares Inc has also submitted a bid for all of Silicon Valley Bank.
Items belonging to Alex Murdaugh, who was recently found guilty of murdering his wife and son, were auctioned off at the Liberty Auction House in Pembroke. Bidders from all over the region attended the auction hoping to walk away with a piece of the Murdoch family's belongings. The items sold for eye-catching sums, including a Yeti cup that sold for $400, a beer koozie for $500, mounted antlers for $10,000, and a furniture set for $30,000. The sale also included beds, chests, tables, chairs, a popcorn maker, and picture frames that once hung on the walls of the Moselle estate.