BATS takeover of Chi-X cleared

BATS Global Markets has received clearance from the UK’s competition authorities to take over rival Chi-X Europe, the region’s largest trading venue.The US-based group plans to merge its European arm with Chi-X to create a new exchange – to be called BATS Chi-X Europe – that will process around 25 percent of all European equities trading.

via BATS takeover of Chi-X cleared.

LivingSocial Waiting On More ‘Big Shoes To Drop’ To Close Round – Venture Capital Dispatch – WSJ

That $200 million round LivingSocial is raising? It turns out the daily deals site could raise significantly more than that.

Daily deals site LivingSocial is raising a big new round that will go toward financing company operations, not cashing out existing investors.

“There’s still a couple of big shoes to drop,” said one person with knowledge of the situation, saying that the new money coming into the round was from institutional investors but not new venture firms.

When asked if the round would eventually close at more than $200 million, he responded, “Oh yeah.”

The person said all “major” existing investors are participating, declining to specify who is taking part.

Company investors include Grotech Ventures, Revolution, U.S. Venture Partners, Lightspeed Venture Partners, Amazon Inc. and T. Rowe Price.

Although the new LivingSocial round is still being formed, one thing is for certain–the money will go toward the company’s operations. That stands in contrast to the late-stage financing of more than $900 million raised by Groupon in January, just five months before its IPO filing, in which nearly all of the cash went to existing investors to buy up their shares.

via LivingSocial Waiting On More ‘Big Shoes To Drop’ To Close Round – Venture Capital Dispatch – WSJ.

ExactTarget Files Plans For $100M IPO –

ExactTarget Inc. filed plans to raise up to $100 million through an initial public offering as the email marketing company looks to raise funds for general corporate purposes.

ExactTarget provides marketing applications that are built on a cloud-based platform and help organizations communicate with customers through email, mobile phones, social media and websites. The company operates through annual and multi-year subscriptions.

The company’s loss in 2010 widened to $12.1 million from $2 million a year earlier before the payment of preferred dividends, as operating expenses rose 61%. Revenue grew 41%.

ExactTarget said it plans to use the proceeds of the offering for general corporate purposes, such as expanding its sales and marketing teams, international operations, product development and working capital. The company said it may use cash or shares of its common stock to make acquisitions or invest in other businesses, products or technologies.

via ExactTarget Files Plans For $100M IPO –

GSE Holding sees IPO pricing at $13-$15 a share – MarketWatch

GSE Holding Inc. said it expects its initial public offering of nine million common shares to price at $13 to $15 each.

The Houston-based provider of geosynthetic containment products for environmental protection and confinement applications filed plans in July for an IPO of up to $143.8 million.

GSE is offering 5.4 million shares to repay $40.3 million of debt, pay a $3 million fee to terminate a management agreement and for working capital and general corporate purposes.

The remaining shares are from selling stockholders.

GSE has posted a loss for the past five years. But the company swung to a $1.89 million profit for the nine months ended Sept. 30 as revenue grew 40%.

The company intends to list on the New York Stock Exchange under the symbol GSE

via GSE Holding sees IPO pricing at $13-$15 a share – MarketWatch.

Look For MidasLP Strategic Insights Reports In Sharespost Market Cap Monday Release On December 5th

Look for MidasLP Strategic Insight Reports in Sharespost next “Market Cap Monday” release which is scheduled for Monday, December 5th, 2011. Sharespost distributes best in class research on pre-IPO companies.

Highlights from the last Market Cap Monday were:

Jeremiah Hall
(415) 349-5016
SharesPost's "Market Cap Monday" Research Highlights New and Updated Reports on
the Leading Private Companies

Third-party research providers offer perspective on Facebook, Groupon, Twitter, Zynga, Spotify;,
Eventful, Brammo, Box. net and Rock You in November

San Bruno, Calit.-November 7, 2011- SharesPost, the next-generation solution for
private capital markets, today announced the newest monthly distribution of its popular
independent third-party research reports. "Market Cap Monday" falls on the first Monday of
every calendar month and provides SharesPost market participants with regular, free access
to new and updated independent reports on the most exciting private companies.
Reports posted today include Facebook, Groupon, Twitter, Zynga, Spotify, Eventful, Brammo, and Rock You. They are available on the SharesPost company bulletin boards,
respectively, or at Registration on SharesPost's
private market platform is free. Registered members have full access to new and archived
private company research from nine independent research providers.

Highlights from this month's new and/or updated reports include:

Facebook, the leader in social networking, is expected to own 72% of all social
network advertising revenues and 6.1% of worldwide online ad spending, with the
potential to overtake Amazon in profitability in 2012, according to MidasLP. Strategic
moves, such as the acquisition of, partnership with eBay as well as with
NDRC and Opower, plus its rapidly growing user base across all demographics, are
anticipated to have a positive impact on Facebook's profitability and valuation.
Groupon, the largest daily deal website, has saved consumers more than $300M and
claims to have generated millions in revenue for the businesses it features. MidasLP
reports, based on the company's S-l, that Groupon has sold over 90M Groupons, has
142.9M subscribers, increased its revenue from $1.2M in Q2 2009 to $430.2M in Q3
2011 based on gross billings of $3.3M in Q2 2009 compared to gross billings of $1.16
billion in Q3 2011. Groupon went public on November 4th closing its first day of
trading up more than 30%.

Twitter, an online, real-time social networking and micro-blogging service, generates
over 200M tweets and over 1.6 billion search queries per day, reports MidasLP. In
2010, Twitter generated $45M in advertising revenue and is expected to generate
$139.5M in advertising revenue in 2011. In 2011, 96% of Twitter's advertising
revenues will derive from the U.S. That figure is expected to decrease as its
international advertising revenue becomes a greater revenue stream. Twitter was
valued at $8B in a recent funding round ($400M).

Zynga, the largest social-network game developer, has generated over $1.5 billion in
cumulative bookings since inception. According to MidasLP, based on the company's
S-l filing, Zynga's games have over 232M monthly active users on Facebook in 166
countries. The company's Q2 2011 revenue was $279.1M, an increase of 15% over
Q2 2010. Zynga's advertising revenue increased $19.5M or 227% from the first half
2010 to the first half 2011. Zynga filed with the SEC to raise up to $lB in an IPO on
July 1, 2011. Zynga also disclosed it conducted a "third-party" valuation in August
2011 that assumed a $14.05 billion value for Zynga's stock.......
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Spoiler: FCC Opposes AT&T – T-Mobile Merger; Seeks Addl. Review

(RTTNews) – The Federal Communications Commission’s Chairman Julius Genachowski has Tuesday opposed the proposed $39 billion acquisition of T-Mobile USA from Germany’sDeutsche Telekom AG (DTEGY.PK) by telecommunications giant AT&T, Inc. (T). He has reportedly circulated a draft order to his fellow commissioners that seeks additional review of the deal by referring it to an administrative law judge, and requiring AT&T to prove the deal is in the public interest.

AT&T, the second largest wireless operator in the U.S., agreed in mid-March to acquire T-Mobile USA from Deutsche Telekom in a cash-and-stock deal then valued at about $39 billion. The deal, which is expected to add around 34 million customers to AT&T, will give Deutsche Telekom an 8 percent ownership interest in the AT&T.

via FCC Chairman Opposes AT&T – T-Mobile Deal; Seeks Addl. Review.

China overtakes US smartphone market by volume | The Verge

According to Strategy Analytics, China’s just leapfrogged the US to become the world’s largest smartphone market by volume, growing 58 percent over last quarter to sell 24 million handsets in Q3 2011, while US shipments fell by seven percent to 23.3 million. It’s certainly impressive growth, but it’s important to note that China’s market is flooded with dozens of low-end phones from OEMs like ZTE, even as companies like Apple report exploding growth. The report says that Nokia leads the Chinese market with a 28 percent share, while HTC edges out Apple in the US with a 24% share — not surprising considering the US has received its own tsunami of Android activations this year.

via China overtakes US smartphone market by volume | The Verge.

Obama Says He Will Veto Any Attempt To Eliminate Automatic Spending Cuts After Super Committee Fails

President Obama threatened to veto any attempt to eliminate the $1.2 trillion in mandatory spending cuts scheduled to take effect in 2013 now that the super committee has failed.In a terse statement from the White House briefing room, Obama said, “I will veto any effort to get rid of those automatic spending cuts. There will be no easy off ramps on this one.”He added that he will also push Congress to extend the payroll tax cut into 2012, warning that if lawmakers fail to act “taxes for every American will go up next year.”He added: “I’m not about to let that happen.”

via Obama Says He Will Veto Any Attempt To Eliminate Automatic Spending Cuts After Super Committee Fails.

More Bad News For Netflix: It’s Raising $400 Million At A Demolished Stock Price

Netflix will be shoring up its balance sheet with an additional $400 million, the company announced tonight.

Netflix is raising $200 million through the sale of zero coupon convertible notes.

Technology Crossover Ventures will be buying the notes, and have the right to nominate one person to the board of Netflix.

The notes are convertible into Netflix common stock at $85.80 per share.

Five months ago, Netflix’s stock was trading at nearly $300 a share.

Additionally, Netflix has sold $200 million worth of stock to T. Rowe Price.

via More Bad News For Netflix: It’s Raising $400 Million At A Demolished Stock Price.

Zynga’s Newest Game Is Its Fastest Growing Ever

Zynga’s newest game, CastleVille, is the fastest growing app on Facebook six days after launch and is the company’s fastest growing game ever.CastleVille now has around 5 million daily active players after being live for six days. CityVille, Zynga’s most popular game, had 3.2 million daily active players six days after its launch. FarmVille had 2.7 million daily active players six days after launch.

via Zynga’s Newest Game Is Its Fastest Growing Ever.