Monomoy Capital to Acquire Cobra Electronics (COBR) for $4.30/Share Aug 28, 2014 08:01AM

Cobra Electronics (NASDAQ: COBR) and Monomoy Capital Partners II, L.P. annnounced that Cobra Electronics and entities affiliated with Monomoy have executed a definitive merger agreement pursuant to which an affiliate of Monomoy will acquire all of the outstanding shares of common stock of Cobra Electronics at $4.30 per share in cash.

Under the terms of the agreement, an affiliate of Monomoy will commence a tender offer to purchase all outstanding shares of common stock of Cobra Electronics at a price of $4.30 per share in cash within ten business days. The offer is conditioned on, among other things, the tender of a majority of the outstanding shares of Cobra Electronics' common stock, calculated on a fully diluted basis. The merger agreement provides that, promptly after the closing of the tender offer, any shares not tendered in the tender offer (other than shares for which appraisal is properly sought under applicable law) will be acquired in a second-step merger at the same cash price as paid in the tender offer.

Directors and officers of Cobra Electronics holding approximately 2.6% of Cobra Electronics' outstanding shares of common stock, on a fully diluted basis, have executed support agreements pursuant to which each of them will tender their shares in the tender offer.

"This transaction will deliver to Cobra Electronics' shareholders certainty of value and liquidity in the form of a cash payment immediately upon closing," said Jim Bazet, Chairman and Chief Executive Officer of Cobra Electronics. "We are excited to work with Monomoy as this transaction marks the next stage in the evolution of the Cobra brand."

"We are thrilled to add Cobra's market leading products to the Monomoy portfolio," said Justin Hillenbrand, Co-CEO of Monomoy. "We look forward to working with Cobra's team members, suppliers and customers for many years to come."

In addition to the minimum tender condition, the transaction is subject to other customary closing conditions. The transaction is expected to close in the fourth quarter of this year. William Blair & Co., LLC acted as financial advisor, and Sidley Austin LLP acted as legal advisor, to Cobra Electronics. Houlihan Lokey acted as financial advisor, and Kirkland & Ellis, LLP acted as legal advisor, to Monomoy Capital Partners.


Kleiner Perkins Invested in Snapchat at $10B Valuation - WSJ Aug 26, 2014 05:51PM

Kleiner Perkins has invested in Snapchat at a $10 billion valuation, according to reports from the Wall Street Journal.


Standard General LP Said to Explore Potential Rescue Financing for RadioShack (RSH) Aug 26, 2014 12:07PM

(Updated - August 26, 2014 12:07 PM EDT)

Standard General LP said to explore potential rescue funding for RadioShack (NYSE: RSH), according to Bloomberg headlines. The plan may include issuance equity, debt, or a combination of both by Standard General.

UPDATE - Standard General LP is also working with RadioShack management on a plan to avoid chapter 11 bankruptcy.

Without an infusion, RadioShack may face a cash crunch by November 2015, or thereabouts, according to a recent Moody's report.

Standard General LP may also look to refinance RadioShack's $250 million second-lien term loan that’s held by Salus Capital Partners LLC and Cerberus Capital Management LP.

Standard General LP owned over 7 percent of RadioShack stock, according to a June 30th regulatory filing.

Shares of RadioShack are active in early afternoon trading.


KKR & Co. (KKR) Adds Managing Director of Indonesian Operations Aug 26, 2014 09:22AM

KKR & Co. (NYSE: KKR) announced that Jaka Prasetya, former Managing Partner and Founder of Leafgreen Capital Partners, is joining the firm as Managing Director to lead KKR’s Indonesia efforts as well as credit and special situations initiatives in Southeast Asia. Also joining KKR in the role of Director are Rahul Bhargava and Allan So, both formerly managing directors and partners at Leafgreen. Messrs. Prasetya, Bhargava and So will be based in Singapore. The appointments are effective August 26, 2014.

In his role, Mr. Prasetya will work with KKR’s private equity, credit and special situations teams to enhance the firm’s strategy in Indonesia. In addition, supported by Messrs. Bhargava and So, Mr. Prasetya will also lead KKR’s credit business in Southeast Asia. They bring extensive investment experience to the region through their work at Leafgreen, a provider of mezzanine and structured growth funding in Southeast Asia with a focus on Indonesian opportunities.

“Indonesia continues to be a dynamic market for investment with great growth potential and positive demographics driving opportunities. With our first deal in the market in 2013, we look forward to exploring new opportunities to provide both equity and credit solutions to companies to suit their long-term needs,” said Ming Lu, Member & Co-Head of Asia Private Equity at KKR. “The addition of Jaka, Rahul and Allan – who have a deep understanding of Indonesia’s local culture and business environment – greatly enhances our ability to partner with Indonesian companies. We welcome them and the experience that they bring to the team.”

Mr. Prasetya launched Leafgreen in 2011 to finance mid-cap companies in Indonesia, Malaysia and Singapore. Prior to his time at Leafgreen, Mr. Prasetya was the Managing Director and Head of Principal Investments Asia at Raiffeisen Bank International. He previously held senior management positions at United Fiber System and Deutsche Bank. He holds an MBA from MIT Sloan School of Management and earned his Bachelor of Engineering from the Institut Teknologi Bandung in Indonesia.

Mr. Bhargava joined Leafgreen in 2013 after 12 years at Henderson Global Investors, where he was a founding member of the Asian private equity business. Mr. Bhargava is a CFA charterholder, has an MBA from the Australian Graduate School of Management and earned his Bachelor of Science degree in Economics, with honors, from the University of Calcutta.

Before joining Leafgreen in 2011, Mr. So held structured-credit responsibilities at Société Générale, Standard Chartered, Calyon, J.P. Morgan and Centre Solutions in Hong Kong, and Salomon Smith Barney in New York. Mr. So holds a Bachelor of Science from Columbia University.

“With urbanization, rising wages and a young and growing working class, we see excellent opportunities in Indonesia with good companies looking for varied financial solutions,” said Mr. Prasetya. “KKR’s holistic approach to providing businesses with capital solutions, from debt to straight equity, is a unique prospect in this market – Rahul, Allan and I look forward to expanding upon the firm’s investments there.”


KKR & Co. (KKR) to Take 18% Stake in Chinese Chicken Producer, Fujian Sunner Aug 26, 2014 09:21AM

Fujian Sunner Development Co. Ltd., a leading vertically integrated chicken meat producer in China and leading global investment firm KKR announced the signing of a definitive agreement under which KKR (NYSE: KKR) will invest approximately $400 million for an 18% stake in Sunner. Sunner and KKR will form a strategic partnership to expand the Company’s operations to provide safe and high-quality chicken products to Chinese consumers.

Sunner is China’s largest breeder, processor and supplier of chicken products, providing fresh and frozen chicken for China’s fast food industry, food manufacturing industry and meat wholesale markets. Through its vertically integrated facilities, Sunner has oversight of the full production chain, ranging from chicken farming to the management of feed mills to processing, which better ensures safe and quality food products.

Chicken is the fastest-growing protein in China, yet it represents only 17% of its total meat consumption, versus nearly 40% in Taiwan and Hong Kong. Per capita chicken consumption in China is 10kg per year, at a very low level compared to 43kg in the US. There is also a trend towards large-scale chicken breeders supplying the market. China’s large-scale producers only account for 30% of total supplies today, a significant increase from 12% in 2007, but still very low compared to mature markets like the US, where over 95% of supply comes from large-scale producers. Large-scale, integrated farming is the foundation to ensure food quality and safety standards are met.

Fu Guangming, Chairman of Sunner, said: “Chicken is the most efficient form of animal protein, and the market demand for high-quality chicken products is expected to remain strong. We are very excited to bring in a world leading investment firm such as KKR as our long-term strategic investor, as we share the same commitment to provide the best quality and safest food products to Chinese consumers. We look forward to leveraging KKR’s global resources and operational expertise to further strengthen Sunner’s market leadership, and to meet the growing domestic demand for healthy chicken.”

The partnership is a reflection of KKR's commitment to help address the growing demand in China for a safer and more secure food supply. “Partnering with companies that meet China’s demand for increased food safety is one of our key focuses for China investments. Sunner is a market leader in China’s chicken farming industry. It has an experienced management team and meets the highest operating standards. We look forward to working with them by providing capital, KKR’s global resources and operational expertise to further strengthen Sunner’s market leadership, contribute to China’s food safety initiatives and bring safe and high-quality chicken to Chinese consumers,” said David Liu, Member of KKR and CEO of KKR Greater China.

“Vertically integrated chicken farming is a key solution to the food safety threats facing China’s animal protein sector. Sunner has an excellent track record and has thoughtfully constructed its farms and processing facilities at strategic locations to ensure chicken quality and health. It is a unique company within its industry with an outstanding management team and we look forward to partnering with Sunner as it expands its operations to meet the increasing consumer demand for safe high-quality protein,” added Julian Wolhardt, Member of KKR.

The transaction is subject to customary approvals.


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