AbbVie’s bid to take over Shire weakens amid mixed messages July 9, 2014 US drug firm AbbVie’s bid to take over UK rival Shire softened again yesterday after shares fell for a second day. The drop added to the US group’s woes after it was forced to issue an embarrassing clarification about shareholder support for the proposed deal. Chief executive Rick Gonzalez said shareholders backed him but yesterday [...]
SSP prices its shares to go July 9, 2014 Upper Crust sandwich shop owner SSP will price its London stock market debut at the lower end of the range today at 210p. The group, which narrowed the price range from 200p to 240p to between 210p and 230p on Tuesday, will debut with a market cap of nearly £1bn. Investor demand for the issue [...]
Private equity rivals approach RAC owner about buyout deal July 9, 2014 Motor insurer RAC’s owner has held early talks with private equity houses to explore a sale of the group as an alternative to listing on the stock market. Carlyle Group, which took control of RAC in 2011, is understood to have been approached informally by buyout shops ranging from Apax to BC Partners about buying [...]
City MP Mark Field slams new tax grab July 8, 2014 George Osborne’s plan to grab millions of pounds of tax back from a host of high-profile City names was criticised yesterday as concerns grew over the impact of tough new tax rules. Mark Field, Conservative MP for the City of London, said: “To take a retroactive approach to schemes that have already been approved seems [...]
AbbVie hikes its takeover bid for Shire to top £30bn July 8, 2014 US drug firm AbbVie yesterday made a hotly anticipated fourth takeover bid for UK rival Shire, bumping up its previous offer by 11 per cent to bid £30.1bn for the group. Shares in Shire closed down 2.6 per cent after the company told investors to wait until its board had met to discuss the proposal [...]
Matomy raises £40m after IPO plan resurrected July 8, 2014 Israel tech firm Matomy yesterday became only the second firm to list on London’s new high-growth segment after resurrecting a listing plan from earlier this year. The advertising technology company, which shelved plans in March, priced shares at 227p and immediately saw a pop in informal trading, pushing shares up to 237p. [...]
Tungsten hails its maiden results July 8, 2014 TUNGSTEN Corporation, the fast- growing electronic invoicing group, celebrated maiden full-year results yesterday by announcing it had won a new contract with the German government. The group, founded by private equity pioneer Edi Truell, beat rivals such as SAP to land the government as a client, adding to a blue chip list which includes firms [...]
Spire Healthcare lays out price range amid Bupa contract talks July 7, 2014 The UK’s second biggest private hospital chain Spire Healthcare set a 210p to 300p per share price range yesterday on its looming stock debut. The group, made up of 39 private hospitals and 13 clinics, is hoping to raise £315m from investors in the share issue to cut debts and provide an exit route for [...]
Bridgepoint cashes out of British tech company SPTS Technologies July 7, 2014 Private equity firm Bridgepoint has cashed out its stake in UK tech manufacturing firm SPTS Technologies for $370m (£216m). The group, which also owns Pret a Manger, sold the company to Nasdaq-listed Israeli firm Orbotech, making 2.6 times its original investment. SPTS was formed in 2009 through a merger of several companies [...]
Alternative market listings show strong start to the year July 7, 2014 CASH raised by newly listed firms on the junior market has increased five-fold compared to last year, underscoring the record breaking start for floats. Between January and the end of June this year, £1.35bn was raised by companies choosing to list shares on the Alternative Investment Market this year, compared to £248m in the same [...]