H.J. Heinz Co. rebuffed the initial takeover bid by billionaires Warren Buffett and Jorge Paulo Lemann before agreeing to a higher price in the $23 billion deal that was put together in a quick two months, said people familiar with the matter.
The U.S. Treasury Department chose Citigroup Inc. and JPMorgan Chase & Co. to manage the sale of shares in General Motors Co., as the government works to disentangle itself from the biggest U.S. automaker following the $50 billion bailout that began in 2009.
Facebook Inc. shares, which fell to a record low after insiders could sell stakes for the first time since the initial public offering, will face more pressure when another 1.44 billion shares are freed up through November.
Morgan Stanley defended its role in Facebook Inc.’s initial public offering after a Massachusetts regulator subpoenaed the bank over talks between an analyst and investors about the social media company’s revenue outlook.
MGM Holdings Inc., the Hollywood studio that exited bankruptcy in 2010, is seeking to complete an initial stock sale before the October release of its next James Bond film, a person with knowledge of the situation said.
Morgan Stanley, the underwriter that took Facebook Inc. public at a record high market value, said its own money-management unit bought more than 2 percent of the shares sold through the $16 billion offering.
Mark Zuckerberg will celebrate turning 28 today on the final leg of a roadshow aimed at building demand for Facebook Inc.’s initial public offering and convincing investors that he can make money from mobile users.
Facebook Inc.’s stock plunge has robbed Goldman Sachs Group Inc. and Microsoft Corp. of much of the potential gain they could unlock as soon as this week, when a ban on sales of insiders’ shares begins to lift.