Stephen Lacey is US Editor for International Financing Review, helping to oversee editorial content across the region. He has particular expertise in coverage of the equity capital markets – IPOs, follow-on stock sales, and equity-linked securities – spanning the entire corporate life cycle, from venture and private equity to entry and maturation in the public markets.
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Contura Energy, the thermal and met coal producer formed from the ashes of the bankrupt Alpha Natural Resources, elected to remain private, rather than accept what was viewed as a cut-rate valuation. It would seem there was an offer on the table, just not one that former creditors, now shareholders, would accept.
Consolidated Edison, the electric utility more in the news of late for operational mishaps, surfaced Tuesday with a US$345m, all-primary block.
Financial discipline is difficult in a hyper-competitive M&A environment.