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Smartsheet to go private in $8.4 billion deal with PE firms Vista and Blackstone [Reuters via Yahoo!]
Smartsheet shareholders will receive a cash payment of $56.50 per share, an 8.5% premium over the last closing price of $52.09…. The [workplace collaboration software] company serves 85% of Fortune 500 companies, according to its website, including industry giants such as Pfizer, Procter & Gamble, and American Airlines.
Big Hedge Funds’ Share of Industry Hits 8-Yr High, Says Bank of America [Reuters via U.S. News]
Hedge funds that manage more than $5 billion in assets grew their industry share to 73% by the end of the second quarter of 2024, up from 65% in 2018…. This came at the expense of mid-sized firms between $1 billion and $5 billion in size, which saw their proportion of industry money shrink 6% in the same time frame.
Trump Media looks to snap sell-off amid DJT post-lockup trading frenzy [CNBC]
DJT shares climbed as much as 7% in heavy trading shortly after the opening bell….
Trump has vowed not to sell his stake.
But Trump Media warned that other early investors were planning to cash out as soon as the lockups expired.
Trump’s 10% credit card interest cap could hurt borrowers, experts say: ‘Access to credit would dry up’ [CNBC]
The average interest rate on credit cards is currently over 20%, with some cards charging as much as 36% APR…. “A president cannot set a cap on credit card interest rates,” said [Consumer Federation of America’s Adam] Rust….
“It’s a compelling political talking point,” [Bankrate analyst Ted] Rossman said of Trump’s proposal. “But I seriously doubt something like this would pass” the House and Senate.
World’s biggest banks pledge support for nuclear power [FT]
Institutions including Bank of America, Barclays, BNP Paribas, Citi, Morgan Stanley and Goldman Sachs will say they support a goal first set out at the COP28 climate negotiations last year to triple the world’s nuclear energy capacity by 2050…. The difficulty and high cost of financing nuclear projects has been an obstacle to new plants and contributed to a significant slowdown in western countries since a wave of reactors was built in the 1970s and 1980s.
SEC Fines 11 Companies More Than $88 Million Over Record-Keeping Violations [Reuters via U.S.News]
The firms included Stifel, Nicolaus & Company, Invesco Distributors Inc and CIBC World Markets Corp, which together agreed to pay the bulk of the fines, according to the SEC.
