Sep 26, 2017

Greenhill & Co. agrees to recapitalization

Investment bank Greenhill & Co. has announced plans to a leveraged recap and share repurchase. The multi-stage transaction would include $300 million in financing from Goldman Sachs, which would mostly be used to buy back stock. The investment bank's founder Robert Greenhill and its CEO Scott Bok each will buy $10 million worth of shares, with Bok taking a 90% salary cut. Overall, Greenhill could repurchase up to 30% of its outstanding stock.

Why it matters: Because this is Greenhill taking a big step toward re-privatization, 13 years after becoming one of the first M&A boutiques to go public. The firm's shares have plummeted by more than 75% since the beginning of 2014, as it has fallen from 16th to 49th among global deal advisors (per Deallogic).

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Minneapolis unrest as hundreds protest death of George Floyd

Tear gas is fired as police clash with protesters demonstrating against the death of George Floyd outside the 3rd Precinct Police Precinct in Minneapolis, Minnesota, on Tuesday. Photo: Stephen Maturen/Getty Images

Minneapolis police used tear gas during clashes with protesters demanding justice Tuesday night for George Floyd, an African American who died in police custody, according to multiple news reports.

Driving the news: The FBI is investigating Floyd's death after video emerged of a Minneapolis police officer kneeling on his neck for several minutes, ignoring protests that he couldn't breathe. Hundreds of protesters attended the demonstration at the intersection where Floyd died, per the Guardian.

U.S. coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios. This graphic includes "probable deaths" that New York City began reporting on April 14.

Virginia Gov. Ralph Northam announced plans Tuesday to make wearing face coverings mandatory statewide for most people over the age of 10 when inside public places like retailers, on public transportation and government buildings. He announced the measure, effective Friday, as coronavirus case numbers increased to 39,342.

By the numbers: More than 98,900 people have died from COVID-19 and over 1.6 million have tested positive in the U.S. Over 384,900 Americans have recovered and more than 14.9 million tests have been conducted.

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

Japan is preparing a second coronavirus stimulus package worth $1.1 trillion, or about 40% of the country's gross domestic product, Reuters first reported Tuesday night.

Zoom in: The new measure will be funded by government bonds and will include "a raft of loan guarantees and private sector contributions," per Bloomberg.