- Kinetic to be sold for $6.3B. A consortium comprising Apax Partners and pension funds has agreed to buy Kinetic Concepts (KCI) in a deal worth $6.3B, including outstanding debt. The $68.50/share offer is above the medical device company's close yesterday of $64.49. Kinetic has been the subject of takeover speculation this month, with Blackstone (BX) reportedly having been in talks to buy the company for $5B in a leveraged buyout.
- European banks strengthening defenses. European banks are reining in cross-border lending to Spanish and Italian companies and depositing more money with the ECB as they shore up their defenses against the debt crisis. Markets calmed down yesterday over Italy but got renewed jitters after Moody's became the first ratings agency to downgrade Ireland to junk, saying it will probably need another bailout. The EU leaders will reportedly meet again on Friday to discuss Greece, with the roadmap now a plan
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Nadine Velazquez Pink Mila Kunis Samaire Armstrong Selita Ebanks
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