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News of a couple of billion-dollar deals Monday was overshadowed by the prospect of a major buyout falling apart.
Blackstone Group LP-Alliance Data Systems Corp.
The chances of a group led by Blackstone closing its $7.8 billion take-private of Alliance Data looked exceedingly slim, after the buyers said they did not foresee gaining regulatory approval from the U.S. Comptroller of the Currency required to close the deal. The Dallas-based credit card processor agreed to a Blackstone-led leveraged buyout in May. In a statement Monday, the target said it received a letter from the New York buyout shop after the stock market closed Friday saying the OCC was demanding "extraordinary measures" that could not be reasonably assumed. General Electric Co.-Hydril Co. But deals were being done as GE said it is again expanding its oil and gas services business with a $1.115 billion agreement to buy the Hydril Co. pressure control business from pipemaker Tenaris SA, which paid almost twice that for the business last year. Luxembourg-based Tenaris, a unit of Buenos Aires-based Techint Argentina SA, acquired Hydril in May 2007 for $2.15 billion, but said Monday the business has limited synergies with its existing business. Inverness Medical Innovations Inc.-Matria Healthcare Inc. Meanwhile, after spending more than $3 billion on acquisitions in 2007, Inverness Medical Innovations is kicking off 2008 with the purchase of managed care provider Matria Healthcare for $1.18 billion including debt. Landry's Restaurants Inc. And shares of Landry's Restaurants Inc. rose 24.5% in early trading Monday after the chain operator said chairman, president and chief executive Tilman J. Fertitta has offered to buy out the company for $379.4 million in cash. - The editors See TheDeal.com story on Alliance Data See TheDeal.com story on GE-Hydril Categories Deal Video
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