Rank hits back at £586m Guoco bid May 26, 2011 RANK Group yesterday stepped up its defences against a takeover bid from its biggest shareholder, telling investors that Guoco Group’s offer “substantially undervalues” the casino and bingo hall operator, and that shareholders should reject the offer. Asia-based Guoco Group’s 150p approach, which valued Rank at £585.8m, was triggered after the property and investment manager raised [...]
Sportingbet says Centrebet deal terms agreed May 26, 2011 SPORTINGBET yesterday agreed terms for its acquisition of Australian online bookmaker Centrebet, which it will look to fund by raising £130m through the issue of new shares and a convertible bond. Sportingbet will issue 154,761,904 new shares at a price of 42p each and £65m in nominal value of convertible bonds. Chief executive Andrew McIver [...]
ANALYST VIEWS: IS THERE MORE GROWTH TO COME FROM BURBERRY? May 26, 2011 FRASER RAMZAN | NOMURA Consistent delivery by Burberry management has seen earnings per share upgraded and the stock re-rate as such accelerated investment should be seen as a potential net positive for the medium term growth rate of the business. The decision to invest further makes strategic sense in our view. RICHARD HUNTER | HARGREAVES [...]
BAT in $452m swoop to buy Protabaco May 26, 2011 BRITISH American Tobacco (BAT) said yesterday it had agreed to buy the privately owned Productora Tabacalera de Colombia, the second largest cigarette company in Colombia, for $452m (£277m). The London-based second biggest cigarette maker in the world said the deal will elevate it to second from third place in Colombia, Latin America’s fourth largest cigarette [...]
New chairman at helm of brewer May 26, 2011 NICK Bryan was yesterday announced as non-executive chairman at Young’s, taking over from Chris Sandland who has been with the company for 38 years. Bryan, 53, a co-founder of drinks dispenser service company Innserve, has also gained experience through various positions within Courage, including as managing director of Courage UK. He was a partner at [...]
Young’s profit is up after food sales lift May 26, 2011 YOUNG’S Brewery yesterday announced a profit rise – fuelled by food sales and a strong performance at its managed pub division. Adjusted operating profit at Young’s Brewery increased by 7.1 per cent to £21.7m in the year to 4 April. The revenues increased nearly 12 per cent to £142.6m and the dividend per share was [...]
Ad slump hits DMGT shares May 26, 2011 Daily Mail & General Trust (DMGT) did nothing to dispel the gloomy mood in the UK advertising market yesterday when it announced its ad sales for the last two months have dropped below levels seen last year. The news sent the firm’s shares tumbling as much as nine per cent before settling 7.5 per cent [...]
Ofcom finds O2 is best for mobile broadband speeds May 26, 2011 O2 is the UK’s best network provider for mobile broadband, according to new Ofcom data. Vodafone comes second, followed by 3, with Everything Everywhere trailing in last place. The survey found that 17 per cent of households regularly use mobile broadband, with seven per cent relying on it for all of their online activity. The [...]
Hedge fund calls for Microsoft leader Steve Ballmer to leave May 26, 2011 INFLUENTIAL hedge fund manager David Einhorn has called for Microsoft chief executive Steve Ballmer to step down, saying the world’s largest software company’s leader is stuck in the past. The comments by outspoken Einhorn, who made his name warning about Lehman Brothers’ financial health before the investment bank’s collapse, are the most pointed yet from [...]
Number of people leaving the UK plummets by 20pc May 26, 2011 THE number of people migrating away from the UK has plummeted by 20 per cent, data from the Office for National Statistics showed yesterday. In the 12 months to September last year, 344,000 people departed British shores for a life elsewhere. This compares to the year to December 2008, when 427,000 people left. Government plans [...]
