| Go Shopping Via Reverse Auctions
I've found myself in an interesting and illuminating loop lately. In February, I wrote an article offering some money-saving shopping tips. Good enough, right? Well, I quickly heard from some folks who offered me additional advice, especially about where to find great discounts and coupons online. So I then wrote about how to be a smart online shopper. And then -- you guessed it -- I heard from more folks. So here's my next installment, this time focused on ... (drumroll) reverse auctions. With traditional auctions, such as you'll find at eBay (Nasdaq: EBAY), buyers bid on items, driving up the price until no one wants to bid anymore or the time runs out. With reverse auctions, an item's price starts out high, and then drops -- until someone buys it, ideally. This is similar to the "Dutch auction" concept, which Google (Nasdaq: GOOG) used for its IPO.
Liberty Global Announces Preliminary Results of Dutch Auction Self ...
DENVER--(BUSINESS WIRE)--Liberty Global, Inc. ("Liberty Global") (NASDAQ: LBTYA) (NASDAQ: LBTYB) (NASDAQ: LBTYK) announced today the expiration of its modified Dutch auction self-tender offers to purchase up to 7,142,857 shares of its Series A common stock and up to 7,656,968 shares of its Series C common stock, which expired at 5:00 p.m., New York City time, on April 19, 2007. Based on the preliminary tabulation by the depositary, the Series A tender offer was oversubscribed as approximately 8,024,762 shares of Series A common stock were validly tendered and not withdrawn, including shares subject to guaranteed delivery. The purchase price for the Series A tender offer is $35.00 per share. Liberty Global also announced that it intends to exercise its right to purchase up to an additional 2% of its outstanding Series A common stock in the tender offer without extending the tender offer.
Airport gets new insurance broker
After over a decade with Newport Beach insurance brokerage Alliance Insurance Services, Inc., the San Bernardino International Airport Authority (SBIAA), the San Bernardino International Airport's governing body, decided to shop around for a better deal.During its Feb. 14 meeting SBIAA Chairman Pat Morris formed an ad-hoc committee to investigate the airport's insurance.Highland Mayor Ross Jones was appointed as committee chair due to his 40-plus years of experience in the insurance industry.Upon investigation of Alliance Insurance Services, Inc., the Jones-led committee found the airport's insurance had not been put out for competitive bidding since 2001. Competitive bidding solicits a number of firms to see which is willing to provide services at the lowest price, therefore, keeping costs low.As a brokerage firm, Alliance Insurance Services, Inc., has a responsibility to manage the airport's insurance in a manner that will save the airport the most money, Jones says.
Providence Equity, KKR in likely bidding war
Canadas biggest telephone company, BCE Inc., seems headed for a bidding war between two teams of Canadian investors, one including New York-based Kohlberg Kravis Roberts & Co. and the other including Providence Equity Partners. Providence Equity expects to take part in bidding by Ontario Teachers Pension Plan, a person familiar with the transaction told Bloomberg News. The teachers plan, already BCEs biggest investor, yesterday announced it was considering a takeover offer. .
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