KAR Abandons Self-Sale, Sharp Looks to Investments: M&A Update
Since discussions with private-equity firm Clayton Dubilier & Rice LLC stalled out, KAR Auction Services (NYSE:KAR) has, for the present, abandoned its efforts to sell itself, say sources close to the case. The firm had been talking with potential suitors since the summer and had reached the advanced discussions level. KAR remains majority-owned by a number of private-equity companies.
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The embattled Sharp Corp (SHCAF.PK)(SHCAY.PK) may get a hand up in the form of an investment from two U.S. companies, Qualcomm (NASDAQ:QCOM) and Intel Corporation (NASDAQ:INTC), according to sources on Wednesday. Financials of a possible deal are as of yet unreported, but what is known is that Sharp is seeking to turn itself around with small displays with a new incarnation of pricey laptops as a vehicle for a new market. A deal, at least with Qualcomm, might emerge by the end of November, said a source who wished to remain anonymous.
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