|Bid||0.0000 x 800|
|Ask||0.0000 x 800|
|Day's Range||51.4800 - 51.7900|
|52 Week Range||38.7000 - 53.8900|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||0.00|
|Earnings Date||Oct 23, 2019 - Oct 28, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||47.63|
Although the masses and most of the financial media blame hedge funds for their exorbitant fee structure and disappointing performance, these investors have proved to have great stock picking abilities over the years (that's why their assets under management continue to swell). We believe hedge fund sentiment should serve as a crucial tool of an […]
Brookfield Asset Management Inc. (“Brookfield”) (NYSE: BAM, TSX: BAM.A) and Oaktree Capital Group, LLC (OAK) (“Oaktree”) are pleased to announce the completion of Brookfield’s acquisition of approximately 61.2% of Oaktree’s business. In connection with the transaction, Brookfield acquired all of the outstanding Oaktree class A units and approximately 20% of the units of Oaktree Capital Group Holdings, L.P. (“OCGH”) held by the founders, senior management, and current and former employees of Oaktree. The purchase price per unit was, at the election of such unitholders, $49.00 in cash or 1.0770 class A shares of Brookfield (subject to proration).
(Bloomberg) -- Oaktree Capital Group LLC Co-Founder Howard Marks says it’s time to be cautious in credit investing, but not to pull back entirely.When investors think about managing risk at the micro level, they should favor money managers who practice “wise investing over the maximization of returns,” Marks said during a Bloomberg TV interview with Erik Schatzker. “You can’t have it both ways.”Investors are taking on extra risks in a low-return world, Marks said. Oaktree is fully invested and continues to invest capital, he said, but is “even more cautious than usual” given an environment dominated by low interest rates.That said, Marks doesn’t see signs of a pre-recession or “bubble-like” environment similar to 2007 in the era of runaway subprime mortgages and mortgage-backed securities.Seeking StressOaktree has thrived most in times of distress or stress in the economy, as opposed to times of prosperity. The Los Angeles-based firm is one of the largest distressed-debt investors in the world and has about $20 billion of its assets committed to troubled issuers. Marks agreed in March to sell a 62% stake in Oaktree to Brookfield Asset Management Inc., but he’ll still run Oaktree’s operations.Periods of stress and disruption are normal and often needed for a reset of the economy, Marks said. Without an occasional recession, excesses take over economies and markets, “and when we do have one, it’s massive,” he said.Today in credit, the emphasis isn’t on derivatives like it was 10 years ago, but on private investments and private debt, he said.“When you think being invested in aggressive securities is a sure thing, it’s easy -- you’re probably missing something,” Marks said. And when you think being out of the market and in cash is a sure thing, you’re probably missing something, too, he added.\--With assistance from Erik Schatzker.To contact the reporter on this story: Katherine Doherty in New York at email@example.comTo contact the editors responsible for this story: Rick Green at firstname.lastname@example.org, Dawn McCartyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Brookfield Asset Management Inc. (“Brookfield”) (NYSE: BAM, TSX: BAM.A, Euronext: BAMA) and Oaktree Capital Group, LLC (OAK) (“Oaktree”) today provided notice that the previously announced election period will expire at 5:00 p.m., New York City time on September 25, 2019 (the “Election Deadline”). The ability of (i) registered holders of Oaktree Class A common units, and (ii) holders of limited partnership units in Oaktree Capital Group Holdings L.P., whose units will be exchanged for equity interests in Oslo Holdings LLC, to elect (pursuant to the election right provided under the previously announced merger agreement) cash consideration or share consideration (subject to proration) will end at the Election Deadline. Election forms received after the Election Deadline will not be accepted.
Brookfield Asset Management Inc. (“Brookfield”) (NYSE: BAM, TSX: BAM.A, Euronext: BAMA) and Oaktree Capital Group, LLC (OAK) (“Oaktree”) today announced the immediate commencement of the election period and the commencement of the mailing of forms of election to registered holders of Oaktree Class A common units (“Class A units”) and holders of limited partnership units in Oaktree Capital Group Holdings L.P. whose units will be exchanged for equity interests in Oslo Holdings LLC (“SellerCo units”). At least five business days prior to the Election Deadline, Brookfield and Oaktree will issue another joint press release announcing the exact date of the Election Deadline. Brookfield and Oaktree continue to expect that the transactions contemplated by the merger agreement will close during the third quarter of 2019, subject to receipt of all required governmental approvals and other conditions necessary to complete the mergers.
Moody's Investors Service ("Moody's") downgraded Dayco Products, LLC's ("Dayco") Corporate Family Rating (CFR) to B3 from B2, its Probability of Default Rating (PDR) to B3-PD from B2-PD and the senior secured term loan rating to B3 from B2. The downgrade reflects Moody's expectations that the pressures in the aftermarket from select retailers along with a potential softer automotive and industrial OE environment will continue to keep Dayco's debt-to-EBITDA leverage elevated in the 6.0x range and will result in weak free cash flow in the next 12 to 18 months.
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