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Home Depot may lower price for unitThe home improvement retail chain could reportedly take $1.2 billion dollars less in a deal that still hangs in the balance for its wholesale distribution unit .NEW YORK (CNNMoney.com) -- Home Depot was close to taking $1.2 billion less for the sale of its wholesale distribution unit Thursday night, but the deal with three private-equity firms is still uncertain according to a published report citing people familiar with the matter. Three major banks - J.P. Morgan Chase (Charts, Fortune 500), Lehman Brothers (Charts, Fortune 500) and Merrill Lynch (Charts, Fortune 500) - continue to balk over financing as they prepare for possible related lawsuits, according to The Wall Street Journal. Home Depot's (Charts, Fortune 500) deal with Bain Capital, Carlyle Group, and Clayton, Dubilier & Rice was originally priced at $10.3 billion. The Journal reported that people involved in the buyout said there was a rush of negotiations to salvage the sale, and that it could still close before its Thursday deadline. The recent squeeze in the credit markets has turned into a full-blown crunch, with financing for leveraged buyouts, such as the deal for Home Depot's distribution unit, at a near standstill. |
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