Is the deal market coming back to life?
Taxpayer-backed insurer American International Group Inc. is betting it can raise $9 billion to pay back some of what it owes the Federal Reserve, by spinning off Wilmington-based American Life Insurance Co., in an initial public stock offering later this year.
Alico employs 11,000 people who manage $89 billion in policies and other assets in 54 countries. That includes 350 based at its downtown Wilmington headquarters, under chief executive officer Rodney O. Martin Jr., said spokeswoman Claire Burns.
Meanwhile, LLR Partners Inc., the $1.4 billion Philadelphia private-equity fund founded by Seth Lehr, Ira Lubert, and Howard Ross, and backed by Pennsylvania state pension investments, will pay a total of $55 million in cash and debt for I-many Inc., a Nasdaq-traded business-software firm in Edison, N.J.
The price includes 61 cents per I-many share, or $33 million, up from LLR’s April offer of 43 cents, or $23 million. LLR’s first offer drew rival bids.
LLR principal David Stienes said his firm was looking for other tech penny-stocks to take private. “It’s an area we’re focused on,” Stienes said. “The next six to 12 months will be an excellent time for people with money to invest.”
Also, SSG Capital Advisors L.P., the West Conshohocken distressed-company deal-maker formerly owned by National City Corp., said it had sold bankrupt Bruno’s Supermarkets …
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