On an April afternoon in 2009, in his home office near Austin, Texas, John Bird was hunched over his computer trying to figure out if a Chinese company some 6,500 miles away was anything close to what it claimed to be.
Muddy Waters LLC, whose analyst reports triggered $7 billion in losses for Chinese stocks, used an unlikely secret weapon for its research: the public website of the U.S. Securities and Exchange Commission.
Chinese equities in New York climbed to a seven-month high after the World Bank boosted China’s 2013 economic growth forecast. Focus Media Holding Ltd. jumped after agreeing to go private in China’s biggest leveraged buyout.
Focus Media Holding Ltd., a Chinese advertising company, agreed to be bought by a consortium of investors led by Carlyle Group LP in a $3.7 billion deal that will be the country’s largest leveraged buyout.
Benihana Inc. needs to persuade potential acquirers that revived profits and sales at its Japanese-themed eateries are enough to justify the most expensive U.S. restaurant takeover in almost five years.