4 Financial Stock Stories For Tuesday Perusal

The Carlyle Group (NYSE:CG): Current price $31.85

Hertz Global Holdings reported the that private equity firms Clayton, Dubilier & Rice and Carlyle Group, along with Bank of America Merrill Lynch, have divested their shares remaining in the car rental agency for $1.24 billion. In a press release, Hertz said that CD&R, Carlyle and Bank of America Merrill Lynch sold 49.8 million shares for $24.96 apiece. Prior to the sales, CD&R and Carlyle were the second- and third-largest shareholders in Hertz, respectively, says Thomson Reuters data. Bank of America Merrill Lynch, CD&R and Carlyle Group acquired Hertz from Ford Motor Company in December 2005 at a price of $5.6 billion; if debt is included, the deal was worth $15 billion.

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CG

Goldman Sachs Group (NYSE:GS): Current price $149.54

The software maker Ebix has been sued by an investor who claimed that an $820-million buyout offer by a Goldman Sachs Group unit is insufficient. Navin Shah said in a lawsuit filed in Delaware Chancery Court in Wilmington, that Ebix’s directors negotiated too low an offer, agreed to a potential breakup fee of up to $27 million, and want to deter other buyers and get the deal completed so they will keep their jobs. The investor added that the directors “are continuing to violate” their duties “due to the fact that they have engaged in all or part of the unlawful acts, plans, schemes, or transactions.” He requested that a judge bar the takeover under its present terms or award damages and legal fees, said court papers.

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GS

State Street Corporation (NYSE:STT): Current price $59.74

State Street has announced enhancements to its financial reporting and collateral services which will assist clients in complying with regulations, manage risk, and automate their disclosure requirements. The firm’s new ProNavigator solution permits asset managers to automate their registration forms (including the prospectus and statement of additional information) in multiple formats. The new solution allows auto-composition, and helps to facilitate disclosures that are required throughout multiple fund registrations.

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STT

Kohlberg Kravis Roberts & Co. (NYSE:KKR): Current price $20.68

Adam Clammer, chief of the team investing in tech deals at the private-equity firm, is moving away from daily responsibilities following 18 years with the firm, to accept a senior adviser post, said an inside source to Bloomberg, who added that KKR has selected two partners in Clammer’s group, David Kerko and Herald Chen, to co-lead the tech team. Kerko joined KKR in 1998, and Chen in 2007, having previously worked at KKR from 1995 to 1997, according to spokeswoman Kristi Huller, in an emailed statement in response to a request for comment.

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KKR

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