Tales from the auction block

For the past decade, The Deal has been reporting and compiling information on thousands of companies in the U.S. and Europe that go up for sale every year, whether it's a unit spun off by a larger company, a corporation in bankruptcy seeking a buyer or a family-owned midmarket company in search of a buyout. We call it Auction Block, and it's evolved over that period from a rough Excel spreadsheet with a few hundred entries to a very considerable database that's available not only in its entirety to license holders of The Deal Pipeline, but in somewhat more manageable form, as a weekly newsletter called, appropriately, Auction Block. In this special middle-market issue, The Deal magazine is running just a sampling of the most recent updates from Auction Block, with a particular focus on middle-market situations. Our most recent updates occur on the week of Feb. 13 and stretch back into early January. They are organized by industry groups. Readers should understand that this is not the full database for this period, and that the items are updated, often repeatedly. If you really want to see the middle market in all its transactional glory, this is the place to wander the halls and take a look. It's a wonder.

ENERGY, METALS AND MINING

San Antonio-based oil and gas exploration company Cross Border Resources Inc. announced Feb. 9 that it has retained KeyBanc Capital Markets Inc. to review strategic alternatives, which could result in a sale, merger, asset divestitures or joint ventures. Cross Border operates 31,000 acres of reserves in Eddy, Lea and Chaves counties in New Mexico.

Cutpick Energy Inc. said Feb. 8 its board has retained FirstEnergy Capital Corp. to help on a strategic review of the Calgary, Alberta, oil exploration and development company. Options may include a sale in whole or in parts.

One Equity Partners LLC has put its 34.5% holding in Ranshofen, Austria, aluminum fabricator Amag Austria Metall AG up for sale. The divestment would be an exit for One Equity Partners after the buyout firm considered a public offering of Amag Austria Metall last April.

Rio Tinto Group announced Feb. 9 it may have trouble selling aluminum assets, given volatility in the aluminum market.

Erik Bakke of FirstEnergy Capital Corp. in Calgary, Alberta, said Feb. 9 that Heritage Wind Farm Development Inc.'s data room remains open to prospective bidders, adding it has been in touch with interested publicly traded energy companies. Bakke declined to comment on further bid deadlines or potential suitors.

BP plc said on Feb. 7 that it intends to sell its liquefied-petroleum-gas bottles and tank-filling operations in Portugal, the U.K., Austria, Poland, the Netherlands, Belgium, Turkey, China and South Africa, as well as a non-refinery-integrated wholesale business. Assets include storage terminals, bottle-filling plants, customer lists, licenses and logistics assets. BP said it intends to complete a deal by the end of 2013, subject to regulatory and other approvals.

Sonde Resources Corp. announced Jan. 30 that it has begun to evaluate alternatives to finance its remaining North Africa obligations. The company said it would seek a sale, farm-out, joint venture or other alternatives for the Joint Oil Block, a 780,000-acre sector off the coast of the Libya-Tunisia border. Primarily, Sonde said, the process would focus on finding a party to fund the remaining three exploratory wells commitment.

In response to media reports, Woodside Petroleum Ltd. confirmed Jan. 27 it was conducting a limited process to assess the potential sale of a minority portion of its equity in the Browse liquefied-natural-gas project in Western Australia. Woodside has not decided to reduce its position in the project and intends to retain operatorship. Reports suggest the project could be worth as much as $1 billion.

An Enerflex Ltd. spokeswoman said the company is expected to make its quarterly conference call on Feb. 17, in which the company intends to make an announcement on strategic alternatives involving its European service and combined heat and power operations.

Valero Energy Corp. CEO Bill Klesse confirmed it continues to review alternatives for its Aruba oil refinery, including a possible sale or shutdown. Speaking on a conference call, Klesse said Valero will decide on the refinery "very shortly within the first quarter."

NiMin Energy Corp. dealbooks went out Feb. 6, and the company will accept bids until early March, a spokeswoman said, but couldn't provide a bid deadline date.

Anadarko Petroleum Corp. reported finding traces of oil in the Campos Basin off the Brazilian coast as the company continues to sound out potential buyers for the property.

Rico Resources Ltd. announced Jan. 17 it has retained Evercore Partners Inc. to assist its board with strategic alternatives. Western Australia-based Rico confirmed it has received interest in acquiring or partnering with Rico on the development of Wonmunna, its flagship high-grade direct-shipping iron ore project.

Thailand's PTT Exploration and Production PCL hopes to sell its stake in the M11 petroleum field off the Myanmar coast, said CEO Anon Sirisaengtaksin. "We are looking to find two partners to come in for investment in M11 but, that being said, we will still have to hold a 40 to 50% stake and be a major shareholder," Sirisaengtaksin told Reuters Jan. 19.

Starfield Resources Inc. announced Jan. 13 that it continues to evaluate strategic alternatives. The company reported $1.4 million of cash on hand on Nov. 30.

FINANCIAL SERVICES

A London Metal Exchange Ltd. spokeswoman confirmed dates for the sale process, saying there was a firm Feb. 15 bid deadline, while a board meeting was scheduled to be held Feb. 23 to evaluate offers, adding that LME has had "double-digit" expressions of interest but declined to identify prospective bidders. A deal would require clearance from holders of 75% of the share capital and 50% of LME shareholders by number.

Green Bullion Financial Services LLC, which does business as Cash4Gold, continues to pursue strategic alternatives that could result in a sale, said Adam Cook of Phoenix Capital Resources in New York. Cook was unable to specify a time frame to reach a deal.

Pressured by activist shareholders the Pohlad brothers -- James, Robert and William -- Westlake Village, Calif.-based First California Financial Group Inc. announced plans to retain an investment bank to advise on strategic alternatives on Jan. 26. The Pohlads hold 10.9% of the bank. In a letter, the brothers said a "corporate transaction, such as a merger, reorganization or liquidation," had been discussed with First California directors.

Bridgepoint Advisers Ltd. announced an agreement on Jan. 24 to acquire Morgan Stanley's U.K. wealth management unit, Quilter & Co. Ltd. The price was not disclosed, but sources suggested a deal might value Quilter at about £180 million ($280.7 million). Bridgepoint had been in negotiations with Morgan Stanley since fending off a rival bid from Permira.

PHARMACEUTICALS AND BIOTECHNOLOGY

Following its Nov. 4 acquisition by an Apax Partners LLP-led consortium, medical-devices manufacturer Kinetic Concepts Inc. announced Jan. 27 it had retained Credit Suisse Group and UBS Investment Bank to evaluate alternatives for its Therapeutic Support Systems division. The TSS division makes hospital beds and products for patients recuperating from serious injuries and medical conditions.

London buyout shop Montagu Private Equity LLP has hired Goldman Sachs Group Inc. and HSBC Holdings plc to "kick the tires" at BSN Medical GmbH & Co. KG, a source told The Deal Pipeline Jan. 24, with an eye to a possible sale of the Hamburg-based wound products supplier. Reports suggest Montagu would be looking for as much as €2 billion ($2.6 billion) for BSN, which Montagu acquired in February 2006 for €1.03 billion.

Thoratec Corp. and 5.2% shareholder Oracle Corp. settled their differences on Jan. 25 as Oracle withdrew its proposal to force the company onto the block. In a filing, the companies disclosed that Thoratec's board had talks with Oracle representatives and affirmed its commitment to maximizing share value, including considering strategic alternatives.

EpiCept Corp. confirmed Jan. 24 that it has retained SunTrust Robinson Humphrey to assist in exploring alternatives for its AmiKet drug line. EpiCept CEO Jack Talley said the review could include the sale of the Tarrytown, N.Y.-based company in its entirety if the price was reasonable.

MANUFACTURING

Canadian audio headset maker Psyko Audio Labs Inc. will sound out strategic bidders. Calgary, Alberta-based Psyko announced Jan. 25 that its board had decided to seek strategic alternatives, including possible licensing of its technology or selling all or a majority of its equity or primary assets.

The board of British carpet manufacturer Victoria plc said Jan. 16 that a previously announced sale process will continue, with the deadline for firm offers by the end of February, despite opposition from former chairman and board member Alexander Anton and his firm. Anton has looked to kill sale talks and pick up two seats on the board.

MEDIA, LEISURE AND ENTERTAINMENT

The U.K.'s Thomas Cook Group plc announced Feb. 8 that it has put its 77.1% stake in separately listed Thomas Cook (India) Ltd. up for sale. The parent said it had received a number of unsolicited bids for its majority holding in the Mumbai travel company and hired Credit Suisse Group to run the sale process.

Real estate developer Bart Blatstein announced Feb. 7 that he had formed an investment group, Philly Hometown Media LLC, to try to buy Philadelphia Media Network Inc., publisher of The Philadelphia Inquirer and the Philadelphia Daily News. Blatstein currently owns the Inquirer's headquarters in Philadelphia.

Cyberplex Inc., an online publishing and advertising company, announced Feb. 6 it would seek strategic alternatives for its Waterloo, Ontario, indirect subsidiary Orion Foundry (Canada) Inc., known as Tsavo Media, which could result in a sale of the online ad division.

Washington magazine publisher The New Republic has retained Blackstone Group LP to examine its strategic options, including a sale of the company or taking on new investors. One source suggested there could be resolution within weeks, with a number of suitors said to have expressed interest. One industry source believes that after changing hands a number of times among financial buyers, The New Republic would be better served with a strategic buyer that would be able to leverage the company's political focus while streamlining operations and consolidating operating redundancies.

Sitoa Corp. and potential partners and suitors have signed a confidentiality agreement on a possible sale, merger, partnership or other strategic avenue, a source said. The company expects to make further disclosures within the next few months with hopes of closing a transaction or partnership by the end of 2012.

Portsmouth City Football Club Ltd. on Jan. 24 said that a significant number of parties were interested in acquiring the club. The English Premier League soccer team also said that if the club cannot meet its debts that it may face administration.

Goldman Sachs Group Inc.'s private equity arm, GS Capital Partners, and Investissement Québec on Jan. 3 announced that the companies would look to sell Montreal-based independent movie producer and distributor Alliance Films Inc. Investissement Québec owns a 38.5% stake in Alliance. Goldman holds the remaining 61.5% stake.

RETAIL

In a Jan. 30 filing with the U.S. Securities and Exchange Commission, retailer Talbots Inc. and private equity firm Sycamore Partners LLC announced that the two firms had signed a standstill confidentiality agreement on Jan. 27. According to two retail sources, Sycamore Partners, which owns a 9% stake in Talbot's, could soon make a sweetened offer for Talbots, as one source said, "in the ballpark of $3.50 per share." Talbots has been on the block since Dec. 20 and is being advised by Perella Weinberg Partners LP.

Susquehanna Financial Group LLLP retail analysts Christopher Svezia and Tom Haggerty issued a Feb. 2 report on a potential sale of Collective Brands Inc. and its shoe brands. The analysts said the ongoing auction process had an "80% chance of a deal getting done." Susquehanna raised the $1.016 billion-market cap company's target price range "to $20 from $16 to reflect thoughts on the three likely scenarios that could unfold: a total sale, a sale of one or more assets, or nothing." According to the report, proceeds from the sale of the Performance + Lifestyle Group shoe brands, which include Sperry Top-Sider, Saucony and Keds, could fetch $700 million to $800 million, thus paying down Collective Brands' $600 million in long-term debt. The analysts suggest the company's Payless stores would then be ripe for a PE buyer.

Gavilon LLC has retained Morgan Stanley to evaluate strategic alternatives that could result in a potential sale of the livestock feed, food and fuel trader, a source said. Gavilon is an Omaha-based agricultural commodities trading firm formed by Ospraie Special Opportunities Fund, General Atlantic LLC and Soros Fund Management LLC.

Regis Corp. announced Jan. 26 that president Randy Pearce would retire, effective June 30. The move follows former CEO Paul Finkelstein's resignation on Feb. 3. The executives' resignations are signs the Hair Club shops operator could be close to being sold.

New York apparel conglomerate PVH Corp. is considering divesting its Heritage Brand Wholesale Dress Furnishings business, consisting of Van Heusen, Izod, Arrow and Bass, said CEO Emanuel Chirico in an interview at the Jan. 10-12 ICR XChange conference. Heritage Brand makes up 30% of PVH's revenue and contributes 15% of its profits. Of PVH's more than $1.6 billion in revenue for the quarter ended Oct. 30, $526 million was generated by Heritage Brand. The unit accounted for nearly $45 million out of $197 million in income before interest and taxes for the same quarter. Chirico said the company, previously known as Phillips-Van Heusen Corp., would continue to focus on two core brands, Tommy Hilfiger and Calvin Klein.

SERVICES

Belgian private equity firm Gimv NV is considering the sale of its 33.3% stake in temporary employment agency group Accent Jobs for People NV, a company spokeswoman confirmed Feb. 9. She said there were eight parties looking at the business but would neither confirm nor deny a report in Flemish-language newspaper De Tijd that after a first round of bidding a handful of private equity investors were the only candidates in the running and now conducting due diligence.

Spotless Group Ltd., an Australian cleaning services company, announced Feb. 6 that the company had opened its financial records to Pacific Equity Partners Pty. Ltd. Spotless has stated that any bid for the company would have to meet or exceed A$743 million ($800 million). On Nov. 15 Pacific Equity made a hostile bid for Spotless that valued the company at A$711 million.

Westway Group Inc., a provider of storage and related services to owners of bulk liquid products, said Dec. 21 that its board rejected a $6 per share offer by ED&F Man Holdings Inc. As announced Dec. 15, the company is continuing its strategic review for the company as a whole, including alternatives for its Westway Terminals business and for its Westway Feed Products business and certain bulk liquid storage terminals.

TECHNOLOGY AND COMMUNICATIONS

Polish cable company Multimedia Polska SA announced Feb. 8 that it had enlisted J.P. Morgan Chase & Co. to conduct a strategic review. Multimedia Polska is 46.6% owned by M2 Investments Ltd. and 24.3% held by Tri Media Holdings Ltd., a vehicle of Cyprus-based Emerging Ventures Ltd.

Newly appointed Digital Angel Corp. CEO Daniel Penni in a Feb. 1 statement said the company will continue to explore strategic alternatives. Digital Angel has been on the block since Sept. 28, 2010, and has already divested various units.

San Francisco-based FiberTower Corp., a provider of backhaul services to wireless carriers, announced retention of FTI Consulting Inc.'s corporate finance and restructuring group to evaluate alternatives. The move follows FiberTower's announcement that its stock would be delisted from the Nasdaq on Jan. 30. The company acknowledged in its most recent quarterly filings that it would divest assets to raise financing. The company had a debt load of $697.5 million as of June 30 with only $12.4 million in cash.

After a failed attempt to sell the company, King of Prussia, Pa.'s InterDigital Communications Corp. said Jan. 23 it would consider selling noncore patents.

ShareMethods LLC is continuing to evaluate strategic alternatives, said a source, adding that advisers are still giving management presentations to potential acquirers. Hickory Group LLC's Thomas Gilley and Nicholas Kirk are running the auction for the South Orange, N.J., cloud technology company.

Vancouver, British Columbia's Webtech Wireless Inc. announced Jan. 12 the company would seek strategic alternatives for NextBus Inc., which predicts transit vehicle arrival times using GPS technology. Webtech has retained Raymond James Ltd. to assist it in reviewing all its options, which may include a sale of the Emeryville, Calif., unit.

Redwood City, Calif.-based Openwave Systems Inc. announced Jan. 12 it would undergo a strategic review of its mediation and mobile-messaging products operating divisions as it looks to focus on licensing its portfolio of over 200 patents. Jefferies & Co. is advising.

BANKRUPTCY

Connaught Group Ltd. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York in Manhattan on Feb. 9 and retained Richter Consulting Inc. and Consensus Advisors LLC to assist it in evaluating alternatives. Connaught owes more than $12.39 million in prepetition secured debt to J.P. Morgan Chase & Co. and Citigroup Inc., and owes more than $29.5 million on prepetition unsecured loans to shareholder and founder William D. Rondina.

Chapter 11 trustee C. Randel Lewis says SRKO Family LP could either sell or reorganize with a new development partner. He is hoping a plan will be ready by the end of February. SRKO is currently in talks with buyers for its partially completed mixed-use real estate development Colorado Crossing.

Nassau Broadcasting Partners LP filed bidding procedures outlining a sale of substantially all of its assets. On Feb. 21, the bankruptcy court will consider the procedures, which tentatively include an auction on May 8. The debtor said that on the advice of its investment banker, Rothschild, to maintain maximum flexibility it decided not to engage in talks with potential stalking-horse bidders. Instead the company is soliciting qualified bids barring bid protections for any leading offers. Interested parties can bid on all of the company's assets or clusters of its radio stations, broadcast licenses, radio tower leases, intellectual property, other contracts or leases or any other assets. Bids are due May 1.

Debtor counsel John MacConaghy of MacConaghy & Barnier plc said he was planning to file a bidding procedures motion for MC2 Capital Partners LLC by Feb. 5. Bridge Housing Corp. was cited as MC2's stalking-horse bidder with a $36.3 million offer.

Administrators for the U.K. operations of Petroplus Holdings AG received more than 40 expressions of interest for its Coryton refinery in Essex, near London, as of Jan. 31. A PricewaterhouseCoopers LLP spokeswoman said interest had come from around the world, including major European oil companies and Middle Eastern- and Russian-based groups.

Debtor counsel Todd Farmer of Farmer & Wright PLLC said Feb. 1 that Dippin' Dots Inc. was still deciding between a restructuring under Chapter 11 protection and a potential sale process involving a competitive auction. Farmer said despite the retention of Nashville investment bank Harpeth Capital LLC, the debtor has not yet filed bidding procedures or a sale motion to warrant an auction.

Timminco Ltd. on Feb. 1 received a stalking-horse bid from QSI Partners Ltd. for essentially all of the company's business and assets, including its interests in Québec Silicon LP and Timminco Solar. The debtor said it would continue talks with QSI Partners until Feb. 7 regarding a definitive stalking-horse bid.

Ocimum Biosolutions Inc. sought approval of $2.43 million in sales at a Feb. 7 hearing. BioServ Biotechnologies Ltd. won the Jan. 24 auction for the company, agreeing to acquire the majority of the genomics firm's assets for $1.83 million, according to debtor counsel Jeffrey Carbino of Thorp Reed & Armstrong LLP. In addition, RB Capital Inc. agreed to buy equipment, furniture and fixtures not included in the BioServ deal for $600,000.

Game Trading Technologies Inc. debtor counsel James Van Horn of McGuireWoods LLP said there are several parties interested in buying the company but declined to reveal them.

Administrators at KPMG LLP say they have held more than 100 conversations with potential acquirers of Peacock's Stores Ltd.'s discount fashion chain and were hopeful of finding a buyer for all or most of the business. Warburg Pincus-backed Poundland Ltd. has confirmed its interest, while reports suggest food retailers including Tesco plc may also bid.

A Chicago bankruptcy judge approved bidding procedures for Hartford Computer Hardware Inc. Interested parties had until Feb. 20 to submit offers. An auction is scheduled for Feb. 23, and a sale hearing will follow on Feb. 28. Michael Levy and David Adler of Paragon Capital Partners LLC in New York are advising Hartford's sale process.

EdgeStone Capital Partners Inc.-backed frozen hamburger maker NFC Acquisition GP Inc. may sell assets in a court-supervised auction by March. The Canadian manufacturer will sell its two certified production facilities in St. Catharines, Ontario, and Saskatoon, Saskatchewan, as well as its sales office in Calgary and its head office in Burlington, Ontario. Nonbinding expressions of interest were due Jan. 30 and final bids on Feb. 13. NFC and prepetition and debtor-in-possession lender Bank of Montreal were scheduled to choose the winner by Feb. 17. The company expects to close at least one sale by March 15.

Receiver Ron Glass of GlassRatner Advisory & Capital Group LLC on Jan. 18 filed a bankruptcy petition for Fountain Powerboat Industries Inc. and nine affiliates in the U.S. Bankruptcy Court for the Southern District of Florida in West Palm Beach, asserting FPI's estates would be better administered in bankruptcy than in the state court, where he had been working to sell the assets. Judge Paul G. Hyman on Jan. 19 approved joint administration of the cases, with American Marine Holdings LLC as the lead debtor.

Solar panel maker Solyndra LLC will liquidate after twice failing to receive a turnkey bid for its business. Eric Carlson of Imperial Capital LLC, Solyndra's financial adviser and investment banker, said no parties submitted offers to purchase the solar company by the Jan. 17 deadline. Solyndra will now withdraw its sale motion and sell. Solyndra's assets, such as solar panels, equipment and machinery, will be sold during a Feb. 22 auction conducted by Heritage Global Partners, Counsel RB Capital LLC, Hilco Industrial LLC and Branford Group.

St. Marys Paper Corp. on Jan. 18 filed a motion to begin a sales process. Nonbinding letters of intent were due Jan. 30 and submission offers Feb. 10. Bankruptcy court approval of a sale are scheduled for Feb. 29 and sale closing March 2.

The U.S. Bankruptcy Court for the Southern District of New York in Manhattan scheduled a hearing Jan. 30 to consider auction procedures for sale of venture-backed Plum TV Inc. If the court-supervised auction procedures are approved, the Bronx-based niche market television company anticipates an auction on March 1.

AES Eastern Energy LP filed for Chapter 11 protection to effectuate the sale of two power plants to reduce leverage. According to Peter Norgeot, president of AES NY LLC, AESEE's general partner, the company had been "vigorously" marketing its assets for almost a year, but an out-of-court sale has proved impossible. AESEE has negotiated a settlement with an ad hoc committee holding substantially all of its pass-through certificates. The settlement required AESEE to file the settlement and bidding procedures with the court by Jan. 15, obtain bidding procedures by Jan. 30, sale approval by March 15 and close by March 30.

OFF THE BLOCK

Rockland Capital Energy Investments LLC Feb. 8 won the auction for Beacon Power Corp. with a $30.5 million bid (see Dealflow, page 58).

Doughty Hanson & Co. announced Feb. 8 it had reached agreement to purchase Spanish hotel operator USP Hospitales for €355 million ($471 million). Barclays plc and Royal Bank of Scotland Group plc received close to 9 times Ebitda for the unit. Doughty Hanson will buy USP in an all-equity deal, expecting to refinance the company later. The final bid was imperiled by the unexpected death of Doughty Hanson co-founder Nigel Doughty (see page 10), which triggered a key-man clause and the automatic suspension of the buyout firm's funds.

Houston oil services giant National Oilwell Varco Inc. agreed Feb. 3 to pay 3.8 billion Danish kroner ($670 million) for NKT Flexibles I/S, adding the maker of flexible pipes to its portfolio less than a year after NKT signed a major deal to supply pipes to Petróleo Brasileiro SA. NKT Flexibles was put on the block in September by joint owners NKT Holding A/S, which has a 51% stake, and Subsea 7 SA, which owns 49%. The deal values NKT Flexibles at 12.6 times its Ebitda of Dkr301 million for 2011. The book value of equity in the company was Dkr1.4 billion.

Medi-spa provider ALC Holdings LLC completed its sale to private equity firm Versa Capital Management LLC. Versa vehicle Bellus ALC Investments 1 LLC paid $49.4 million, consisting of $30 million plus $19.4 million from the new-money portion of a debtor-in-possession loan it provided. Versa provided a $59.8 million DIP, which rolls up about $40.38 million in prepetition debt to Versa. Judge Mary Walrath of the U.S. Bankruptcy Court for the District of Delaware in Wilmington approved the sale on Jan. 31.

Jefferies & Co. agreed Feb. 1 to buy Royal Bank of Scotland Group plc's corporate brokerage Hoare Govett Ltd. and take on a number of other RBS cash equities professionals for what the seller called a "nominal cash consideration." Hoare Govett was acquired by RBS as part of its disastrous acquisition of Dutch lender ABN Amro Holding NV in 2007. Royal Bank, 83% state-owned after a series of bailouts, has been selling off assets to raise capital since early 2009. Royal Bank said it remained in active discussions with parties interested in acquiring various parts of the businesses it planned to exit. Lazard is advising Royal Bank on the downsizing.

RuggedCom Inc., an Ontario-based manufacturer and developer of industrial strength communications network hardware, announced Jan. 30 that it has agreed to a C$33 per share bid by Siemens AG subsidiary Siemens Canada Ltd. that values the company at nearly $440 million. The sale comes after rejection of a C$22 per share hostile bid from Belden Inc., or C$274 million ($275 million). RuggedCom also announced it had adopted a shareholder rights plan, or poison pill.

German insurer Talanx AG said Jan. 20 it would buy Poland's Warta SA from Belgium's KBC Group NV to become the country's second-largest insurer. Talanx of Hanover said it would pay €770 million ($994.5 million) for Warta and eventually sell a 30% stake to Japanese partner Meiji Yasuda Life Insurance Co. KBC Group in a statement said following the sale, the lender is still considering a disposal of Kredyt Bank, which it announced for sale along with Warta.

WebMD Health Corp. said in a filing Jan. 20 that it had taken itself off the block because it anticipated offers lower than the value of the company. Also in the filing, the company's largest shareholder, Icahn Partners LP, said it increased its stake from 9.49% to 11.64%. Icahn urged the company to buy back as much as $1 billion in stock instead of selling itself.

Denver oil and gas explorer Venoco Inc. accepted a $750 million buyout offer Jan. 16 from CEO Timothy Marquez, implying a $1.5 billion enterprise value. The deal requires the approval of a majority of Venoco's shares not owned by Marquez or his affiliates.

Following reports that Miami Lakes, Fla., retail bank operator BankUnited Inc. had retained Goldman, Sachs & Co. and may be considering a sale, the company confirmed that a "preliminary process did occur" in which it considered strategic alternatives, but as of Jan. 18 it had decided it would be best to remain an "independent institution." According to reports, BB&T Corp. and the U.S. arm of Toronto-Dominion Bank submitted offers for the south Florida lender.

--Compiled by Matthew Haas