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Stay tuned to TheDeal.com for these stories and more.
U.S. Treasury Department The U.S. Treasury Department's much talked-about blueprint for capital markets overhaul was publicly unveiled Monday in a 10 a.m. press conference by Secretary Henry Paulson. A summary of the blueprint, prepared by the President's Working Group on Financial Markets, was handed by the Treasury to The New York Times Friday. News of the report had been the subject of press and financial industry speculation over the weekend. The Daily Deal and TheDeal.com will feature a full story at noon.
Citigroup Inc. Meanwhile, Citigroup Inc. chief executive Vikram Pandit moved to place his stamp on the organization by restructuring global credit card and consumer banking businesses and giving more authority to the heads of international regions. Pandit's announcement did not address the bank's balance sheet problems but followed through on his promise to make the bank more efficient and responsive to its customers' needs. Aloha Airlines Aloha Airlines said Sunday it will close its passenger service after serving Hawaii for more than 60 years. Aloha filed for Chapter 11 protection this month and is a casualty of fierce competition and rising fuel prices. Aloha canceled Monday flights from Hawaii to several cities in California and Nevada. Hoop Holdings LLC In other bankruptcy news, Hoop Holdings LLC won the right Friday to tap $30 million in postpetition funding as it scurries to sell the inventory at 322 Disney Stores North America outlets. Judge Brendan Linehan Shannon of the U.S. Bankruptcy Court for the District of Delaware in Wilmington approved the interim use of $30 million of its proposed $35 million in debtor-in-possession financing, documents show. Shannon then set April 16 for a final hearing on the $35 million DIP with prepetition lender Wells Fargo Retail Finance LLC. Ansys Inc.-Ansoft Corp. Simulation software maker Ansys Inc. said it will buy Ansoft Corp. for $832 million in cash and stock to bolster its electronic design software offerings for engineers. Under the terms of the deal, Ansoft stockholders will get $16.25 in cash and 0.431882 of an Ansys share for each share they now hold. That values each share of Ansoft at $32.63, a 39% premium to Friday's closing price of $23.42. Ansoft holders would own about 12% of the combined company. Gilat Satellite Networks Ltd.-PE investors In private equity news, Israel's Gilat Satellite Networks Ltd. said a consortium of private equity investors has agreed to acquire it for $475 million in cash. The price is equivalent to $11.40 per share, a 9% premium to the satellite company's close of $10.44 on Friday. The investor group includes The Gores Group LLC, Mivtach Shamir Holdings Ltd., companies affiliated with Roy Ben-Yami, Ami Lustig and Eytan Stibbe and DGB Investments Inc. Teva Pharmaceutical Industries Ltd.-Bentley Pharmaceuticals Inc. Generic drug maker Teva Pharmaceutical Industries Ltd. of Israel agreed to pay $360 million in cash for Bentley Pharmaceuticals Inc. to expand in Spain. Teva will pay $15.02 for Exeter, N.H.-based generic drug maker Bentley, or a 9% premium to Bentley's closing price Friday. Bentley is spinning off its drug delivery business to shareholders before the Teva transaction.
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