| eBid Doubles Successful Closings, Adds Videos to Online Auctions
Online auction website eBid said it has doubled the number of auctions that are closing successfully compared to November 2006. The auction marketplace has also unveiled a new design, stating it has "cleaned up the layout, simplified the navigation, improved search, and made it easier to find items you are looking to sell and want to buy." eBid also added functionality for sellers to add videos to auctions when listing items. To add video to their auction listings, sellers upload video files to YouTube and add the unique 11 digit code that each new video is given into the box on the eBid listing page. The online auction site said it has also made other, numerous improvements to the site. eBid is based in the UK. It launched in the US in 2005 and is available in Canada, Australia and Ireland.
Joburg art auction nets R36m
An auction of decorative and fine arts raised a record-breaking R36-million in Johannesburg this week, the auctioneers said on Thursday. Stephan Weltz & Co's two-day sale of decorative and fine arts totalled R36343458 a record total for a sale held in Johannesburg," the company said in a statement. Seven paintings sold for more than R1-million each, including four works by Pierneef. Pierneef's Landscape with Thorn Tree sold for R2.86-million; Wild Pear for R1.76-million; Landscape with Trees and Clouds for R1.1-million and Forest Landscape for R1.045-million. Other artists whose work recorded high prices were Irma Stern and Maggie Laubser. "It is encouraging to note that the Stern market is still holding strong," the statement read.
Alliance Boots bidding nears $22 billion
Until the check clears, it's really not a done deal. That's definitely the case with the buyout of Alliance Boots, the UK's largest drugstore chain.Originally, it looked like KKR would be the buyer, along with Stefano Pessina (who is the chairman of Alliance and owns 15% of the company). But, private equity firm Terra Firma Capital Partners has a better offer: $21.8 billion. The firm also has the financial support of the Wellcome Trust and HBOS PLC.Interestingly enough, a few hours before this bid, KKR and Pessina upped its own bid. Yes, it must be nice for Alliance shareholders. In fact, based on the activity in the stock, the betting is that there will be even more bids.Alliance does have a serious footprint, with about 3,100 stores, as well as a thriving wholesale business. Oh, and yes, there are opportunities to cut costs.
Proxibid Breaks Live-Auction Records in March
Proxibid announced it broadcast 350 live auctions during the month of March, a new record for the company, and signed on an unprecedented number of new clients. Proxibid Inc. is a pioneer of live Internet bidding technology with a client list of more than 800 auctioneer house customers. The company said the number of online bidders on Proxibid in March also reached a record high. Proxibid's live bidding service is connected to an auction portal where auction companies can post their catalog for bidders to browse and search. The technology integrates seamlessly with the live auctions, allowing bidders to see, hear and participate in the auctions from the comfort of their home or office via the Internet. Proxibid client Ken Jackson, CAI, of The Auction Marketplace said, "We have realized an additional 40% gross revenue when we conduct live auctions with Proxibid versus revenues realized during a traditional auction." Proxibid client categories include antiques and collectibles, farm equipment, heavy machinery and real estate.
Insurance Auto Auctions, Inc. Announces It Has Received Requisite ...
WESTCHESTER, Ill.--(BUSINESS WIRE)--April 6, 2007--Insurance Auto Auctions, Inc. (the "Company") announced today that it had received, as of 5:00 p.m., New York City time, on April 5, 2007, tenders and consents from holders of 100% of the aggregate principal amount of the Company's outstanding 11% Senior Notes due 2013 (the "Notes") in connection with its cash tender offer and consent solicitation for the Notes, which commenced on March 22, 2007. The tender offer and consent solicitation is being conducted in connection with the previously announced merger and related transactions that will result in the Company and ADESA, Inc. becoming wholly owned subsidiaries of KAR Holdings, Inc. (the "Merger"). The completion of the tender offer and consent solicitation is conditioned on, among other things, the closing of the Merger.
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