Top executives at some of the world's largest private equity firms, including KKR & Co LP and Blackstone Group LP, sent emails that allegedly show them plotting to scoop up companies on the cheap during last decade's takeover boom, according to court documents unsealed on Wednesday.The emails were revealed in an unredacted version of a lawsuit filed by shareholders in companies bought by private equity firms, alleging buyout firms held down the value of takeover targets by colluding on deals."We would much rather work with you guys than against you," Blackstone President Tony James wrote in an email to KKR co-founder George Roberts that is quoted in the lawsuit.The e-mail was allegedly sent after KKR decided to step down in the $17.6 billion bidding for semiconductor company Freescale - a sales process that a consortium led by Blackstone eventually won.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 0.63% or $0.09/share to $14.29. In the past year, the shares have traded as low as $11.13 and as high as $17.25. On average, 2599520 shares of BX exchange hands on a given day and today's volume is recorded at 1268176.
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