Highland Capital Management Bid to Acquire Delphi Corporation
Haynes and Boone Team:
Breaux, Ronald W.
, Sharry, Janice V.
Services: Mergers and Acquisitions
Represented Highland Capital Management LP in its $4.7 billion bid to acquire Delphi Corp. Highland, as Delphi Corp.'s then-second-largest shareholder, offered its plan to recapitalize the auto parts giant to top an earlier offer of $3.4 billion made by an investment group led by Appaloosa Management and Cerberus Capital Management L.P. Extensive negotiations were held between Highland and Delphi, with Delphi ultimately proceeding with Appaloosa/Cerberus.