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TPG offers to be Olympus' White Knight! with $1 bln investment | Advantage Dealbook

TPG had also shown interest in saving bankrupt American Airlines this week. It has experience in aviation

English: Japan Airlines logo

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tunraround, having worked with AMR’s Tom Horton earlier to help Japan Airlines’ turn the corner. The AMR bid has to wait till AMR signs new agreements for aircraft and staff payments.

TPG is open to a $1 bln ivestment in any Japanese company/deal with a suitable partner accosding to the journal.

A $1.7 bln accounting scandal took down Olympus in 2011 whittled it down. TPG offered to put in $1 bln jointly with other partners making a bid for Olympus such as Sony and Fujifilm. Sony could be interested in parts of Olympus like its profitable Endoscope business while Fujifilm may not be interested in the Endoscope unit as it already has a good Endoscope unit

Samsung ruled out any interest in the company while Sony and Panasonic would be interested in the healthcare business with 20% Operating margins  and 70% of the global market in endoscopes

WSJ reports that E&Y is in the process of completing its 4 member auiting panel’s review after having taken over from KPMG in 2009. The KPMG handover was suspected to have ignored fraud signs incl use of goodwill for preference shares in a M&A transaction.

 

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This entry was posted on January 14, 2012 by in Amitonomics, Global, Private Equity and tagged , , , , , , , .

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