Safety-Kleen Inc., a Plano, Texas-based provider of oil collection, re-refining and recycling in North America, has indefinitely postponed its IPO due to “adverse market conditions.” It had planned to sell around 21.9 million common shares at between $15 and $17, with Merrill Lynch and JP Morgan serving as co-lead underwriters. Shareholders include Highland Capital Management (38 percent pre-IPO), Contrarian Capital Management (19.8 percent), JPMorgan Partners (15.5 percent) and GSC Group (9.2 percent).
Symetra Financial Corp., a Bellevue, Wash.-based life insurance company, has withdrawn registration for its IPO. It had officially postponed the offering nearly a year ago. The company had filed to sell 39.5 million common shares at between $19 and $20 per share, and planned to trade on the NYSE. Underwriters included Merrill Lynch, Goldman Sachs, JPMorgan and Lehman Brothers. Shareholders include Vestar Capital Partners, Och-Ziff Capital Management, Highfields Capital Management, Caxton Associates, White Mountains Insurance Group and Berkshire Hathaway.