Buckingham analyst Amit Kumar says a 1.25 to 1.3 times multiple on Aspen Insurance's (AHL) current book value gives an exit value of $48-$50 per share. Insurance Insider published a story yesterday that noted the potential finalists in the Aspen bidding process are Blackstone (BX) and Apollo (APO), Kumar tells investors in a research note. He continues to be a buyer of the stock with a Buy rating and $46 price target.

Blackstone announced that private equity funds managed by Blackstone have entered into a definitive agreement to acquire Tropical Smoothie Cafe, a franchisor of fast casual restaurants, from Levine Leichtman Capital Partners. This would be the first transaction from Blackstone's most recent vintage of its flagship private equity vehicle, and is intended to help accelerate Tropical Smoothie Cafe's already-rapid expansion through continued investment in menu innovation, operating excellence, and best-in-class marketing. Peter Wallace, a Senior Managing Director in Blackstone's Private Equity business, said, "Tropical Smoothie Cafe has had an impressive growth trajectory consistently building on its loyal customer base as it has scaled nationwide. Blackstone has deep experience helping accelerate the expansion of leading franchise businesses as one of our highest-conviction investment areas. We believe our capital and resources will help position Tropical Smoothie Cafe for continued success and innovation for the benefit of its guests and franchisees." Terms of the transaction were not disclosed. Barclays served as financial advisor and Simpson Thacher & Bartlett LLP served as legal counsel to Blackstone. Baird served as the lead financial advisor, with support from North Point and BofA Securities, and Kirkland & Ellis LLP served as legal counsel to Tropical Smoothie Cafe.

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Argus analyst Stephen Biggar raised the firm's price target on Blackstone to $135 from $133 and keeps a Buy rating on the shares. The company's Q1 earnings beat benefited from growth in fee-related earnings, while its management has previously laid out a constructive case for a recovery in the commercial real estate market, noting values are bottoming, new construction has declined substantially, and the cost of capital has peaked, the analyst tells investors in a research note. Argus adds that stable to lower interest rates should also improve transaction activity.