German Bayer improves takeover offer for US GM seeds company Monsanto July 14, 2016 German drugs and chemicals giant Bayer has improved its bid for US GM seeds company Monsanto after its previous $62bn (£46bn) offer was branded “financially inadequate”. Bayer said that, after engaging in private talks with Monsanto, it had improved its offer from $122 per share to $125. In a statement on Thursday afternoon, Bayer said [...]
UK’s special relationship with US remains (in M&A, at least) July 14, 2016 The UK and US have maintained a special relationship in the mergers and acquisitions (M&A) world this year, according to a new report from Deloitte. Despite a global slowdown in M&A activity, US corporates and private equity houses announced 168 UK-targeted deals in the first half of the year, meaning activity is flat year-on-year. There [...]
Acadia takeover of healthcare group Priory set for UK competition probe July 14, 2016 The takeover of UK-based Priory Group by US healthcare group Acadia has been referred for an in-depth investigation to the Competition and Markets Authority (CMA). Acadia, an operator of psychiatric hospitals, announced the takeover deal for Priory, which is known for its celebrity rehab patients, in January. The companies said the deal will consist of shares and cash, [...]
Monsanto turns attention to another German after “inadequate” Bayer offer July 14, 2016 US genetically modified (GM) seeds company Monsanto is reported to be in talks with Germany’s BASF after rejecting a $62bn (£47bn) takeover offer from Bayer. And it appears to be good news all round for the three companies’ share prices. In the US, Monsanto’s shares are up nearly two per cent to $102.80 in out-of-hours trading; [...]
Investment banking revenues across Europe have hit a 14-year low in 2016 July 13, 2016 European investment banking (IB) revenues have plunged to a 14-year low, new figures show. In total, IB turnover has come to $8.2bn (£6.2bn) so far this year, to 12 July, according to Dealogic. This is down 22 per cent on the same period in 2015 and is at its lowest year-to-date level since 2002. The figures emerged [...]
Insurers turn their back on M&A and look for alternative ways to grow July 13, 2016 The number of completed mergers and acquisitions in the insurance sector has slumped in recent months, a report out today has found. The research by law firm Clyde & Co found that there were just 173 deals worldwide between October 2015 and March 2016, compared with 250 in the six months before that. The law firm has noticed [...]
Playtech plays ball with rival Best Gaming Technology July 13, 2016 Playtech has taken a punt on rival operator Best Gaming Technology (BGT) as it strives to digitise. Playtech said today that it had bought 90 per cent of BGT for €138m (£114.8m), with the option to buy the firm's remaining shares at a later date. It comes eight months after firm, which was founded by Israeli billionaire Teddy Sagi, was [...]
Poundland gives green light to takeover offer by South Africa’s Steinhoff July 13, 2016 Poundland share jumped today after its board accepted what had been a surprise takeover offer from South African conglomerate Steinhoff. The 222p per share offer values the bargain retailer at around £597m, according to the statement issued today. It represents a premium of 39 per cent from 13 June, before the Bensons for Beds and Harveys owner revealed its interest. Darren Shapland, chairman [...]
London-based private equity firm announces sale to Ardian July 12, 2016 London-based private equity firm Agilitas is to announce the sale of a portfolio company today. It is due to report the acquisition of Ionisos by private equity giant Ardian, which is based in Paris. Agilitas invested in the company, alongside management, in 2014. Read more: UK private equity firm 3i brushes up €102m from cosmetic [...]
ITV offloads UTV Ireland to Virgin Media for an undisclosed sum July 11, 2016 ITV has agreed to sell UTV Ireland to Liberty Global’s Virgin Media, for an undisclosed sum. Virgin Media will also take over a 10-year programme supply agreement with ITV Global Entertainment, whose ITV Studios produces the likes of long-running soap opera Coronation Street and breakfast chat show Good Morning Britain. UTV Ireland was launched in January [...]