Shaun Hoggan

• Great Indian Dream
  I just met Girish tonight at a Berkeley Columbia session. Great guy!
  (tags: berkeley columbia)

This looks to be primarally a move to restructure Covad’s capital.  I don’t see how covad could continue in the current market competitively unless something like this occurred.

Pulled this post from:
http://www.tradingmarkets.com/.site/news/BREAKING%20NEWS/753525/

 Sunday, October 28, 2007; Posted: 11:50 PM  

(RTTNews) - Sunday, voice and datacommunications provider Covad Communications Group Inc., (DVW | charts | news | PowerRating) said it has agreed to be acquired by Platinum Equity, a firm specialized in the merger, acquisition, in an all-cash transaction. The deal is expected to close by the end of the second quarter of 2008.

Under the terms of the transaction, an affiliate of Platinum Equity will acquire Covad for $1.02 per share, which represent 59% premium to the closing price of Covad’s shares on October 26.

The San Jose, California headquartered company said that the deal would be subject to the approval of Covad’s shareholders and the satisfaction of customary closing conditions, including approval of the FederalCommunications Commission and state public utility commissions in many of the states in which Covad operates. The company’s Board has unanimously approved the deal.

Charles Hoffman, Covad president and chief executive officer said, “Platinum’s approach will bolster the successful execution of Covad’s business strategy while providing the resources and support necessary for sustained growth. We believe that the resulting increased market competitiveness, improved capital structure, and enhanced product and network capabilities best position our customers, partners, and employees for the future.”

Barclays Capital served as lead financial advisor to Covad in this deal. Cowen and Company provided a fairness opinion to Covad’s Board. Fenwick & West LLP acted as legal counsel to Covad in the acquisition and Cahill Gordon & Reindel LLP acted as counsel to the special committee of Covad’s Board of Directors. Bingham McCutchen LLP is acting as legal counsel to Platinum Equity. Houlihan Lokey Howard & Zukin served as advisor to Platinum Equity in this transaction.

Platinum Equity, since its founding in 1995 by entrepreneur Tom Gores, has completed more than 75 acquisitions with more than $23 billion in aggregate annual revenue at time of acquisition.

DVW closed Friday’s regular trading session at $0.64.

For comments and feedback: contact editorial@rttnews.com Copyright(c) 2007 RealTimeTraders.com, Inc. All Rights Reserved

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