Notable Mergers and Acquisitions of the Day 03/26: (KKR) (AMBO) (RICK)

March 26, 2013 10:15 AM EDT
* KKR & Co. (NYSE: KKR) will look to sell Intelligence Holdings to Temp Holdings in a deal valued at 68¥ billion (about $721 million). The amount is up from the 35¥ billion purchase price KKR paid in 2010.

Value on Intelligence Holdings is 51¥ billion, from 32.5¥ billion at the time KKR purchased the firm.

Reuters noted that Japan has played an increasing role in total returns for private equity firms. In Asia, Japan accounted for about 17 percent of capital return to private equity investors in 2012, up from 11 percent in 2010.

* Ambow Education Holding (NYSE: AMBO) announced that the Board of Directors of the Company received a letter from The Baring Asia Private Equity Fund V, L.P. ("Baring") stating that Baring is withdrawing the non-binding going private proposal dated March 15, 2013 as a result of unexpected events, including the resignations of three independent directors and the Company's independent auditor and the suspension of trading of the Company's ADSs on the NYSE. In its letter, Baring also stated it remained willing to consider potential transactions with the Company, including an acquisition of all or part of the Company, once the current situation is resolved.

* Rick's Cabaret International, Inc. (Nasdaq: RICK) has agreed to purchase through a subsidiary the remaining half of a new topless nightclub in Los Angeles County and will now own 100 percent of the venue.

Under terms of a definitive agreement signed this week, a subsidiary of Rick's Cabaret will use 100,000 restricted shares of common stock of Rick's Cabaret International, Inc. to purchase the 50 percent of the 12,000 square foot club it did not already own.

The club, which is expected to open in June, is located near major Los Angeles area freeways. The company said the exact location would be announced at a later date.

Closing on the transaction will take place five business days after Mr. Westlund has obtained all necessary permits and authorizations needed to conduct an adult entertainment business at the venue, including any sexually oriented business permits and licenses.

The agreement also provides for a long-term lease for the property with an option to purchase it at a later date.

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