Leica Camera owner sells 44% stake to Blackstone investment funds

Discussion in 'Digital Photography' started by Bruce, Oct 19, 2011.

  1. Bruce

    Bruce Guest

    Press release posted without comment:

    Leica Camera gains strategic investor in Blackstone

    ACM Projektentwicklung GmbH will remain the majority shareholder

    London, Solms: The Blackstone Group (NYSE: BX) and ACM
    Projektentwicklung GmbH today announced they have agreed a strategic
    partnership whereby investment funds advised by Blackstone will
    acquire, indirectly through a holding company, a 44% minority stake in
    Leica Camera AG (“Leica”), to support Leica’s international growth
    plans. ACM and Blackstone have agreed that the value of the
    transaction will not be disclosed. The transaction is subject to
    regulatory approval and is expected to close in Q4/2011.

    Headquartered in Solms, Germany, with 1,150 employees, Leica has a
    long tradition of manufacturing premium-segment cameras and sport
    optics products. Over the past sixty years, Leica has grown to become
    a leading German brand and is seen as the epitome of German
    engineering excellence and an ambassador of the “Made in Germany”
    quality seal. Leica has become synonymous with the best tools of the
    trade, blending hand-crafted quality with a dedication to precision
    mechanics and producing the best optics the industry has to offer.

    Building from this highly successful market position, Leica now
    endeavours to expand the business into new markets. Blackstone is seen
    as the right partner to support Leica management to achieve these
    goals in light of its global footprint, in particular with significant
    operations in Asia, and its development capital and strategic
    expertise.

    Dr. Andreas Kaufmann, Chairman of the Supervisory Board of Leica
    commented on the transaction: “With Blackstone we have gained an
    experienced and internationally established strategic partner, which
    also understands and appreciates the established brand philosophy and
    business model of Leica. Following the successful turnaround of the
    business and record sales last year, we are now focused on the
    continued development of the brand, its products and our growth plans
    into new markets such as Asia, South America and the Middle East. ACM
    has no plans to sell more shares in Leica Camera AG. Our long term
    strategy is to accompany Leica Camera in its continued expansion
    worldwide.”

    Axel Herberg, Blackstone Senior Managing Director, said: “Leica is
    deeply rooted in Germany’s history and we would like to help grow the
    business in a manner that is true to this heritage, ensuring that the
    entrepreneurial spirit that makes Leica unique is preserved. We are
    very excited about supporting Leica to secure long-term commercial
    relationships, specifically in emerging markets, and help strengthen
    the company’s operational and retailing capabilities globally.”

    Leica Camera AG concluded the 2010/2011 financial year with record
    sales of € 248.8m. The Hessen-based traditional manufacturer of
    cameras and sport optics products increased turnover by 57.2 %
    compared to the previous year (€ 158.2 m). The operating result (EBIT)
    increased almost six fold: it rose from € 7.4 m in 2009/2010 to €
    41.6m. The consolidated surplus also took a positive turn: at € 36.3 m
    it is more than eleven times the previous year’s figure (€ 3.2m). The
    sales increase is attributed above all to the strong demand for the
    two camera systems, Leica M and Leica S.

    http://preview.tinyurl.com/5wrcxbo
    or:
    http://www.l-camera-forum.com/leica...camera/?utm_source=20111019&utm_medium=E-Mail
    Bruce, Oct 19, 2011
    #1
    1. Advertising

  2. Bruce

    RichA Guest

    On Oct 19, 11:09 am, Bruce <> wrote:
    > Press release posted without comment:
    >
    > Leica Camera gains strategic investor in Blackstone
    >
    > ACM Projektentwicklung GmbH will remain the majority shareholder
    >
    > London, Solms: The Blackstone Group (NYSE: BX) and ACM
    > Projektentwicklung GmbH today announced they have agreed a strategic
    > partnership whereby investment funds advised by Blackstone will
    > acquire, indirectly through a holding company, a 44% minority stake in
    > Leica Camera AG (“Leica”), to support Leica’s international growth
    > plans. ACM and Blackstone have agreed that the value of the
    > transaction will not be disclosed. The transaction is subject to
    > regulatory approval and is expected to close in Q4/2011.



    God, these F------- income trusts are a pox on America and Europe.
    Most of them buy companies, strip them to the bone for profit, sell
    them and pocket the difference and the company usually ends up in
    worse shape. Initially, you get a huge cash infusion but that's just
    at the beginning before the culling starts.
    RichA, Oct 19, 2011
    #2
    1. Advertising

  3. Bruce

    Bruce Guest

    Eric Stevens <> wrote:

    >On Wed, 19 Oct 2011 11:20:34 -0700 (PDT), RichA <>
    >wrote:
    >
    >>On Oct 19, 11:09 am, Bruce <> wrote:
    >>> Press release posted without comment:
    >>>
    >>> Leica Camera gains strategic investor in Blackstone
    >>>
    >>> ACM Projektentwicklung GmbH will remain the majority shareholder
    >>>
    >>> London, Solms: The Blackstone Group (NYSE: BX) and ACM
    >>> Projektentwicklung GmbH today announced they have agreed a strategic
    >>> partnership whereby investment funds advised by Blackstone will
    >>> acquire, indirectly through a holding company, a 44% minority stake in
    >>> Leica Camera AG (“Leica”), to support Leica’s international growth
    >>> plans. ACM and Blackstone have agreed that the value of the
    >>> transaction will not be disclosed. The transaction is subject to
    >>> regulatory approval and is expected to close in Q4/2011.

    >>
    >>
    >>God, these F------- income trusts are a pox on America and Europe.
    >>Most of them buy companies, strip them to the bone for profit, sell
    >>them and pocket the difference and the company usually ends up in
    >>worse shape. Initially, you get a huge cash infusion but that's just
    >>at the beginning before the culling starts.

    >
    >Blackstone are a lot more than what you call 'an income trust'. See
    >http://www.blackstone.com/cps/rde/xchg/bxcom/hs/Home.htm
    >They are tough though.




    Blackstone's version of the press release about the Leica Camera deal
    seems to emphasise a long term view:

    "About Blackstone

    "Blackstone is one of the world’s leading investment and advisory
    firms. We seek to create positive economic impact and long-term value
    for our investors, the companies we invest in, the companies we advise
    and the broader global economy. We do this through the commitment of
    our extraordinary people and flexible capital. Our alternative asset
    management businesses include the management of private equity funds,
    real estate funds, hedge fund solutions, credit-oriented funds and
    closed-end mutual funds. The Blackstone Group also provides various
    financial advisory services, including financial and strategic
    advisory, restructuring and reorganization advisory and fund placement
    services."
    Bruce, Oct 19, 2011
    #3
  4. Bruce

    RichA Guest

    On Oct 19, 3:11 pm, Eric Stevens <> wrote:
    > On Wed, 19 Oct 2011 11:20:34 -0700 (PDT), RichA <>
    > wrote:
    >
    >
    >
    >
    >
    >
    >
    >
    >
    > >On Oct 19, 11:09 am, Bruce <> wrote:
    > >> Press release posted without comment:

    >
    > >> Leica Camera gains strategic investor in Blackstone

    >
    > >> ACM Projektentwicklung GmbH will remain the majority shareholder

    >
    > >> London, Solms: The Blackstone Group (NYSE: BX) and ACM
    > >> Projektentwicklung GmbH today announced they have agreed a strategic
    > >> partnership whereby investment funds advised by Blackstone will
    > >> acquire, indirectly through a holding company, a 44% minority stake in
    > >> Leica Camera AG (“Leica”), to support Leica’s international growth
    > >> plans. ACM and Blackstone have agreed that the value of the
    > >> transaction will not be disclosed. The transaction is subject to
    > >> regulatory approval and is expected to close in Q4/2011.

    >
    > >God, these F------- income trusts are a pox on America and Europe.
    > >Most of them buy companies, strip them to the bone for profit, sell
    > >them and pocket the difference and the company usually ends up in
    > >worse shape.  Initially, you get a huge cash infusion but that's just
    > >at the beginning before the culling starts.

    >
    > Blackstone are a lot more than what you call 'an income trust'. Seehttp://www.blackstone.com/cps/rde/xchg/bxcom/hs/Home.htm
    >
    > They are tough though.
    >
    > Regards,
    >
    > Eric Stevens


    "Private equity firm" They are like the witch in Hansel and Gretel,
    fattening up the children. They infuse the companies with cash, "buy"
    business at whatever rate is needed in order to make them attractive
    as sales items. I've seen it many times. In some cases, taking
    losses in order to make the companies appear healthier than they
    really are.
    I read about a case that happened in Canada with a telephone directory
    firm called "SuperPages." They were owned by Telus, who sold them to
    Verizon for $700M, who sold them three years later to a private equity
    firm in Boston for $1.8B, who bought them a new $20M Toronto office
    complex and poured money in (to make them look much more robust than
    they were), then flipped them to Yellowpages 7 months later for
    $2.5B. Needless to say, Yellowpages never got their money back by
    what amounted to eliminating a much smaller competitor. But, the
    roundabout way in which this was done allowed them to avoid anti-
    competition legislation and concentrate 90% of the phone directory
    market in Canada under one roof.
    RichA, Oct 20, 2011
    #4
  5. Bruce

    PeterN Guest

    On 10/20/2011 9:29 AM, RichA wrote:
    > On Oct 19, 3:11 pm, Eric Stevens<> wrote:
    >> On Wed, 19 Oct 2011 11:20:34 -0700 (PDT), RichA<>
    >> wrote:
    >>
    >>
    >>
    >>
    >>
    >>
    >>
    >>
    >>
    >>> On Oct 19, 11:09 am, Bruce<> wrote:
    >>>> Press release posted without comment:

    >>
    >>>> Leica Camera gains strategic investor in Blackstone

    >>
    >>>> ACM Projektentwicklung GmbH will remain the majority shareholder

    >>
    >>>> London, Solms: The Blackstone Group (NYSE: BX) and ACM
    >>>> Projektentwicklung GmbH today announced they have agreed a strategic
    >>>> partnership whereby investment funds advised by Blackstone will
    >>>> acquire, indirectly through a holding company, a 44% minority stake in
    >>>> Leica Camera AG (“Leica”), to support Leica’s international growth
    >>>> plans. ACM and Blackstone have agreed that the value of the
    >>>> transaction will not be disclosed. The transaction is subject to
    >>>> regulatory approval and is expected to close in Q4/2011.

    >>
    >>> God, these F------- income trusts are a pox on America and Europe.
    >>> Most of them buy companies, strip them to the bone for profit, sell
    >>> them and pocket the difference and the company usually ends up in
    >>> worse shape. Initially, you get a huge cash infusion but that's just
    >>> at the beginning before the culling starts.

    >>
    >> Blackstone are a lot more than what you call 'an income trust'. Seehttp://www.blackstone.com/cps/rde/xchg/bxcom/hs/Home.htm
    >>
    >> They are tough though.
    >>
    >> Regards,
    >>
    >> Eric Stevens

    >
    > "Private equity firm" They are like the witch in Hansel and Gretel,
    > fattening up the children. They infuse the companies with cash, "buy"
    > business at whatever rate is needed in order to make them attractive
    > as sales items. I've seen it many times. In some cases, taking
    > losses in order to make the companies appear healthier than they
    > really are.
    > I read about a case that happened in Canada with a telephone directory
    > firm called "SuperPages." They were owned by Telus, who sold them to
    > Verizon for $700M, who sold them three years later to a private equity
    > firm in Boston for $1.8B, who bought them a new $20M Toronto office
    > complex and poured money in (to make them look much more robust than
    > they were), then flipped them to Yellowpages 7 months later for
    > $2.5B. Needless to say, Yellowpages never got their money back by
    > what amounted to eliminating a much smaller competitor. But, the
    > roundabout way in which this was done allowed them to avoid anti-
    > competition legislation and concentrate 90% of the phone directory
    > market in Canada under one roof.


    Yellow page advertising has become obsolete. But, don't let the facts
    bother you.

    --
    Peter
    PeterN, Oct 23, 2011
    #5
  6. Bruce

    tony cooper Guest

    On Sat, 22 Oct 2011 20:50:03 -0400, PeterN
    <> wrote:

    >On 10/20/2011 9:29 AM, RichA wrote:
    >> On Oct 19, 3:11 pm, Eric Stevens<> wrote:
    >>> On Wed, 19 Oct 2011 11:20:34 -0700 (PDT), RichA<>
    >>> wrote:
    >>>
    >>>
    >>>
    >>>
    >>>
    >>>
    >>>
    >>>
    >>>
    >>>> On Oct 19, 11:09 am, Bruce<> wrote:
    >>>>> Press release posted without comment:
    >>>
    >>>>> Leica Camera gains strategic investor in Blackstone
    >>>
    >>>>> ACM Projektentwicklung GmbH will remain the majority shareholder
    >>>
    >>>>> London, Solms: The Blackstone Group (NYSE: BX) and ACM
    >>>>> Projektentwicklung GmbH today announced they have agreed a strategic
    >>>>> partnership whereby investment funds advised by Blackstone will
    >>>>> acquire, indirectly through a holding company, a 44% minority stake in
    >>>>> Leica Camera AG (“Leica”), to support Leica’s international growth
    >>>>> plans. ACM and Blackstone have agreed that the value of the
    >>>>> transaction will not be disclosed. The transaction is subject to
    >>>>> regulatory approval and is expected to close in Q4/2011.
    >>>
    >>>> God, these F------- income trusts are a pox on America and Europe.
    >>>> Most of them buy companies, strip them to the bone for profit, sell
    >>>> them and pocket the difference and the company usually ends up in
    >>>> worse shape. Initially, you get a huge cash infusion but that's just
    >>>> at the beginning before the culling starts.
    >>>
    >>> Blackstone are a lot more than what you call 'an income trust'. Seehttp://www.blackstone.com/cps/rde/xchg/bxcom/hs/Home.htm
    >>>
    >>> They are tough though.
    >>>
    >>> Regards,
    >>>
    >>> Eric Stevens

    >>
    >> "Private equity firm" They are like the witch in Hansel and Gretel,
    >> fattening up the children. They infuse the companies with cash, "buy"
    >> business at whatever rate is needed in order to make them attractive
    >> as sales items. I've seen it many times. In some cases, taking
    >> losses in order to make the companies appear healthier than they
    >> really are.
    >> I read about a case that happened in Canada with a telephone directory
    >> firm called "SuperPages." They were owned by Telus, who sold them to
    >> Verizon for $700M, who sold them three years later to a private equity
    >> firm in Boston for $1.8B, who bought them a new $20M Toronto office
    >> complex and poured money in (to make them look much more robust than
    >> they were), then flipped them to Yellowpages 7 months later for
    >> $2.5B. Needless to say, Yellowpages never got their money back by
    >> what amounted to eliminating a much smaller competitor. But, the
    >> roundabout way in which this was done allowed them to avoid anti-
    >> competition legislation and concentrate 90% of the phone directory
    >> market in Canada under one roof.

    >
    >Yellow page advertising has become obsolete. But, don't let the facts
    >bother you.


    Obsolete? You have an odd concept of what "obsolete" means. We
    depend on the Yellow Pages less now than we did a decade ago, but it's
    far from an obsolete method of locating information about businesses
    that provide a service we're looking for.


    --
    Tony Cooper - Orlando, Florida
    tony cooper, Oct 23, 2011
    #6
  7. Bruce

    nospam Guest

    In article <>, tony cooper
    <> wrote:

    > >Yellow page advertising has become obsolete. But, don't let the facts
    > >bother you.

    >
    > Obsolete? You have an odd concept of what "obsolete" means. We
    > depend on the Yellow Pages less now than we did a decade ago, but it's
    > far from an obsolete method of locating information about businesses
    > that provide a service we're looking for.


    it's obsolete.

    most people look up phone numbers on line, usually from a google
    search, or they might use yellowpages.com or similar. smartphone users
    have yellow & white pages apps, or they can just ask the phone to find
    a number.

    i just did a google search for the word 'pizza' and it gave me a list
    of nearby pizza places. that's *way* more useful and efficient than
    looking in a phone book. prefer a different city? easy enough to
    specify which city if the one you're in isn't where you want to look.
    can't do that with a phone book unless you have phone books from every
    city.

    not only that, but there are links to the various pizza place websites
    with menus, prices, hours of operation, etc. and there are links with
    reviews so you know if it's even worth going to. need directions on how
    to get there? that's easy too with google maps.

    so yes, it's obsolete.
    nospam, Oct 23, 2011
    #7
  8. On 10/22/11 PDT 10:38 PM, nospam wrote:
    > In article<>, tony cooper
    > <> wrote:


    >> Obsolete? You have an odd concept of what "obsolete" means. We
    >> depend on the Yellow Pages less now than we did a decade ago, but it's
    >> far from an obsolete method of locating information about businesses
    >> that provide a service we're looking for.

    >
    > it's obsolete.
    >
    > most people look up phone numbers on line, usually from a google
    > search, or they might use yellowpages.com or similar. smartphone users
    > have yellow& white pages apps, or they can just ask the phone to find
    > a number.


    Most people, eh? Most people on this froup, yeah, maybe even most people
    - more than 50%- online. But not most people.

    Obsolete? To you, yes, but not as a generality.

    To many, proper grammar Including the use of capitalization is not
    obsolete.
    John McWilliams, Oct 23, 2011
    #8
  9. Bruce

    Robert Coe Guest

    On Sun, 23 Oct 2011 08:46:20 -0700, John McWilliams <> wrote:
    : On 10/22/11 PDT 10:38 PM, nospam wrote:
    : > In article<>, tony cooper
    : > <> wrote:
    :
    : >> Obsolete? You have an odd concept of what "obsolete" means. We
    : >> depend on the Yellow Pages less now than we did a decade ago, but it's
    : >> far from an obsolete method of locating information about businesses
    : >> that provide a service we're looking for.
    : >
    : > it's obsolete.
    : >
    : > most people look up phone numbers on line, usually from a google
    : > search, or they might use yellowpages.com or similar. smartphone users
    : > have yellow& white pages apps, or they can just ask the phone to find
    : > a number.
    :
    : Most people, eh? Most people on this froup, yeah, maybe even most people
    : - more than 50%- online. But not most people.
    :
    : Obsolete? To you, yes, but not as a generality.
    :
    : To many, proper grammar Including the use of capitalization is not
    : obsolete.

    But not, I assume, to people on this froup. Because in your statement,
    "Including" should not be capitalized. (You also need commas after "grammar"
    and "capitalization".)

    Bob
    Robert Coe, Oct 23, 2011
    #9
  10. Bruce

    Bruce Guest

    John McWilliams <> wrote:
    >On 10/22/11 PDT 10:38 PM, nospam wrote:
    >> In article<>, tony cooper
    >> <> wrote:

    >
    >>> Obsolete? You have an odd concept of what "obsolete" means. We
    >>> depend on the Yellow Pages less now than we did a decade ago, but it's
    >>> far from an obsolete method of locating information about businesses
    >>> that provide a service we're looking for.

    >>
    >> it's obsolete.
    >>
    >> most people look up phone numbers on line, usually from a google
    >> search, or they might use yellowpages.com or similar. smartphone users
    >> have yellow& white pages apps, or they can just ask the phone to find
    >> a number.

    >
    >Most people, eh? Most people on this froup, yeah, maybe even most people
    >- more than 50%- online. But not most people.
    >
    >Obsolete? To you, yes, but not as a generality.



    For me, Yellow Pages will be obsolete only when the company stops
    delivering a free annual copy to my door. They delivered my latest
    copy about a month ago.
    Bruce, Oct 23, 2011
    #10
  11. Bruce <> wrote:
    > John McWilliams <> wrote:
    >>On 10/22/11 PDT 10:38 PM, nospam wrote:
    >>> In article<>, tony cooper
    >>> <> wrote:

    >>
    >>>> Obsolete? You have an odd concept of what "obsolete" means. We
    >>>> depend on the Yellow Pages less now than we did a decade ago, but it's
    >>>> far from an obsolete method of locating information about businesses
    >>>> that provide a service we're looking for.
    >>>
    >>> it's obsolete.
    >>>
    >>> most people look up phone numbers on line, usually from a google
    >>> search, or they might use yellowpages.com or similar. smartphone users
    >>> have yellow& white pages apps, or they can just ask the phone to find
    >>> a number.

    >>
    >>Most people, eh? Most people on this froup, yeah, maybe even most people
    >>- more than 50%- online. But not most people.
    >>
    >>Obsolete? To you, yes, but not as a generality.


    > For me, Yellow Pages will be obsolete only when the company stops
    > delivering a free annual copy to my door. They delivered my latest
    > copy about a month ago.


    Quite so. I never use them, because using the Web via computer or
    smartphone is so much easier and better. But my wife won't touch
    anything with a screen or a keyboard, and uses Yellow Pages a lot.

    Seems the word "obsolescent" might have become obsolete amongst the
    computerate :)

    --
    Chris Malcolm
    Chris Malcolm, Oct 23, 2011
    #11
  12. Bruce

    Bruce Guest

    Chris Malcolm <> wrote:

    >Bruce <> wrote:
    >
    >> For me, Yellow Pages will be obsolete only when the company stops
    >> delivering a free annual copy to my door. They delivered my latest
    >> copy about a month ago.

    >
    >Quite so. I never use them, because using the Web via computer or
    >smartphone is so much easier and better. But my wife won't touch
    >anything with a screen or a keyboard, and uses Yellow Pages a lot.



    In the event you suffer from withdrawal systems, you can access them
    online via Yell.com, at least in the UK. :)


    >Seems the word "obsolescent" might have become obsolete amongst the
    >computerate :)



    Should that be "computerati", as in glitterati?
    Bruce, Oct 23, 2011
    #12
  13. Bruce

    nospam Guest

    In article <>, Bruce
    <> wrote:

    > For me, Yellow Pages will be obsolete only when the company stops
    > delivering a free annual copy to my door. They delivered my latest
    > copy about a month ago.


    there is an opt-out number to call to cancel deliveries.
    nospam, Oct 23, 2011
    #13
  14. Bruce

    Bruce Guest

    nospam <> wrote:
    >In article <>, Bruce
    ><> wrote:
    >
    >> For me, Yellow Pages will be obsolete only when the company stops
    >> delivering a free annual copy to my door. They delivered my latest
    >> copy about a month ago.

    >
    >there is an opt-out number to call to cancel deliveries.



    Not in the UK, there isn't!

    The only opt-out is to put the Yellow Pages in the recycling bin. ;-)
    Bruce, Oct 24, 2011
    #14
  15. Bruce

    PeterN Guest

    On 10/22/2011 11:41 PM, tony cooper wrote:
    > On Sat, 22 Oct 2011 20:50:03 -0400, PeterN
    > <> wrote:
    >
    >> On 10/20/2011 9:29 AM, RichA wrote:
    >>> On Oct 19, 3:11 pm, Eric Stevens<> wrote:
    >>>> On Wed, 19 Oct 2011 11:20:34 -0700 (PDT), RichA<>
    >>>> wrote:
    >>>>
    >>>>
    >>>>
    >>>>
    >>>>
    >>>>
    >>>>
    >>>>
    >>>>
    >>>>> On Oct 19, 11:09 am, Bruce<> wrote:
    >>>>>> Press release posted without comment:
    >>>>
    >>>>>> Leica Camera gains strategic investor in Blackstone
    >>>>
    >>>>>> ACM Projektentwicklung GmbH will remain the majority shareholder
    >>>>
    >>>>>> London, Solms: The Blackstone Group (NYSE: BX) and ACM
    >>>>>> Projektentwicklung GmbH today announced they have agreed a strategic
    >>>>>> partnership whereby investment funds advised by Blackstone will
    >>>>>> acquire, indirectly through a holding company, a 44% minority stake in
    >>>>>> Leica Camera AG (“Leica”), to support Leica’s international growth
    >>>>>> plans. ACM and Blackstone have agreed that the value of the
    >>>>>> transaction will not be disclosed. The transaction is subject to
    >>>>>> regulatory approval and is expected to close in Q4/2011.
    >>>>
    >>>>> God, these F------- income trusts are a pox on America and Europe.
    >>>>> Most of them buy companies, strip them to the bone for profit, sell
    >>>>> them and pocket the difference and the company usually ends up in
    >>>>> worse shape. Initially, you get a huge cash infusion but that's just
    >>>>> at the beginning before the culling starts.
    >>>>
    >>>> Blackstone are a lot more than what you call 'an income trust'. Seehttp://www.blackstone.com/cps/rde/xchg/bxcom/hs/Home.htm
    >>>>
    >>>> They are tough though.
    >>>>
    >>>> Regards,
    >>>>
    >>>> Eric Stevens
    >>>
    >>> "Private equity firm" They are like the witch in Hansel and Gretel,
    >>> fattening up the children. They infuse the companies with cash, "buy"
    >>> business at whatever rate is needed in order to make them attractive
    >>> as sales items. I've seen it many times. In some cases, taking
    >>> losses in order to make the companies appear healthier than they
    >>> really are.
    >>> I read about a case that happened in Canada with a telephone directory
    >>> firm called "SuperPages." They were owned by Telus, who sold them to
    >>> Verizon for $700M, who sold them three years later to a private equity
    >>> firm in Boston for $1.8B, who bought them a new $20M Toronto office
    >>> complex and poured money in (to make them look much more robust than
    >>> they were), then flipped them to Yellowpages 7 months later for
    >>> $2.5B. Needless to say, Yellowpages never got their money back by
    >>> what amounted to eliminating a much smaller competitor. But, the
    >>> roundabout way in which this was done allowed them to avoid anti-
    >>> competition legislation and concentrate 90% of the phone directory
    >>> market in Canada under one roof.

    >>
    >> Yellow page advertising has become obsolete. But, don't let the facts
    >> bother you.

    >
    > Obsolete? You have an odd concept of what "obsolete" means. We
    > depend on the Yellow Pages less now than we did a decade ago, but it's
    > far from an obsolete method of locating information about businesses
    > that provide a service we're looking for.
    >
    >


    I don't know what you use it for, but most I know use the Internet for
    that type of research.

    --
    Peter
    PeterN, Oct 24, 2011
    #15
  16. On 10/23/11 PDT 9:12 AM, Robert Coe wrote:
    > On Sun, 23 Oct 2011 08:46:20 -0700, John McWilliams<> wrote:
    > : On 10/22/11 PDT 10:38 PM, nospam wrote:
    > :> In article<>, tony cooper
    > :> <> wrote:
    > :
    > :>> Obsolete? You have an odd concept of what "obsolete" means. We
    > :>> depend on the Yellow Pages less now than we did a decade ago, but it's
    > :>> far from an obsolete method of locating information about businesses
    > :>> that provide a service we're looking for.
    > :>
    > :> it's obsolete.
    > :>
    > :> most people look up phone numbers on line, usually from a google
    > :> search, or they might use yellowpages.com or similar. smartphone users
    > :> have yellow& white pages apps, or they can just ask the phone to find
    > :> a number.
    > :
    > : Most people, eh? Most people on this froup, yeah, maybe even most people
    > : - more than 50%- online. But not most people.
    > :
    > : Obsolete? To you, yes, but not as a generality.
    > :
    > : To many, proper grammar Including the use of capitalization is not
    > : obsolete.
    >
    > But not, I assume, to people on this froup. Because in your statement,
    > "Including" should not be capitalized. (You also need commas after "grammar"
    > and "capitalization".)


    Right on one point, the errant cap. on "including". Crap proof reading
    on my part. Originally, I was going to set off the phrase with commas,
    but hit a period instead, creating the capital "I" in "including". Then
    I decided I wouldn't set it off, so deleted the period, and completed
    the sentence but overlooked the cap.

    The setting off of "including the use of capitalization" is entirely
    discretionary in that sentence. Some will prefer it each way; neither is
    wrong.

    Thanks for noticing.
    John McWilliams, Oct 24, 2011
    #16
  17. Bruce

    Robert Coe Guest

    On Sun, 23 Oct 2011 21:24:54 -0700, John McWilliams <> wrote:
    : On 10/23/11 PDT 9:12 AM, Robert Coe wrote:
    : > On Sun, 23 Oct 2011 08:46:20 -0700, John McWilliams<> wrote:
    : > : On 10/22/11 PDT 10:38 PM, nospam wrote:
    : > :> In article<>, tony cooper
    : > :> <> wrote:
    : > :
    : > :>> Obsolete? You have an odd concept of what "obsolete" means. We
    : > :>> depend on the Yellow Pages less now than we did a decade ago, but it's
    : > :>> far from an obsolete method of locating information about businesses
    : > :>> that provide a service we're looking for.
    : > :>
    : > :> it's obsolete.
    : > :>
    : > :> most people look up phone numbers on line, usually from a google
    : > :> search, or they might use yellowpages.com or similar. smartphone users
    : > :> have yellow& white pages apps, or they can just ask the phone to find
    : > :> a number.
    : > :
    : > : Most people, eh? Most people on this froup, yeah, maybe even most people
    : > : - more than 50%- online. But not most people.
    : > :
    : > : Obsolete? To you, yes, but not as a generality.
    : > :
    : > : To many, proper grammar Including the use of capitalization is not
    : > : obsolete.
    : >
    : > But not, I assume, to people on this froup. Because in your statement,
    : > "Including" should not be capitalized. (You also need commas after "grammar"
    : > and "capitalization".)
    :
    : Right on one point, the errant cap. on "including". Crap proof reading
    : on my part. Originally, I was going to set off the phrase with commas,
    : but hit a period instead, creating the capital "I" in "including". Then
    : I decided I wouldn't set it off, so deleted the period, and completed
    : the sentence but overlooked the cap.
    :
    : The setting off of "including the use of capitalization" is entirely
    : discretionary in that sentence. Some will prefer it each way; neither is
    : wrong.

    My 11th grade English teacher, Cecilia Aarons, would have *insisted* on those
    commas!

    : Thanks for noticing.

    Thanks for not taking it personnally. ;^)

    Bob
    Robert Coe, Oct 25, 2011
    #17
  18. In article <>, Bruce
    <> writes
    >nospam <> wrote:
    >>In article <>, Bruce
    >><> wrote:
    >>
    >>> For me, Yellow Pages will be obsolete only when the company stops
    >>> delivering a free annual copy to my door. They delivered my latest
    >>> copy about a month ago.

    >>
    >>there is an opt-out number to call to cancel deliveries.

    >
    >
    >Not in the UK, there isn't!
    >
    >The only opt-out is to put the Yellow Pages in the recycling bin. ;-)
    >
    >

    DON'T DO THAT!

    The yellow dye in Yellow Pages makes the paper non-recyclable. My local
    authority, for example, specifically requests that Yellow Pages are
    placed in the general waste bin, not the recycling bin.
    --
    Kennedy
    Yes, Socrates himself is particularly missed;
    A lovely little thinker, but a bugger when he's pissed.
    Python Philosophers (replace 'nospam' with 'kennedym' when replying)
    Kennedy McEwen, Oct 26, 2011
    #18
  19. Bruce

    Bruce Guest

    Kennedy McEwen <> wrote:
    >In article <>, Bruce
    ><> writes
    >>The only opt-out is to put the Yellow Pages in the recycling bin. ;-)
    >>
    >>

    >DON'T DO THAT!
    >
    >The yellow dye in Yellow Pages makes the paper non-recyclable. My local
    >authority, for example, specifically requests that Yellow Pages are
    >placed in the general waste bin, not the recycling bin.



    My local council is quite happy to accept Yellow Pages, and indeed any
    other paper product, in the recycling bin.

    Perhaps you should move house to somewhere less restrictive. ;-)
    Bruce, Oct 26, 2011
    #19
  20. In article <>, Bruce
    <> writes
    >
    >Perhaps you should move house to somewhere less restrictive. ;-)
    >

    That suggestion is just as environmentally, and economically, naive as
    your previous one.
    --
    Kennedy
    Yes, Socrates himself is particularly missed;
    A lovely little thinker, but a bugger when he's pissed.
    Python Philosophers (replace 'nospam' with 'kennedym' when replying)
    Kennedy McEwen, Oct 26, 2011
    #20
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