Byrne boosts Omega with £50m stake September 12, 2011 TAKEOVER target Omega Insurance received a vote of confidence from one of its numerous potential buyers yesterday as insurance scion Mark Byrne tabled an informal offer to buy a 25 per cent stake for £50m. Shares in the Lloyd’s insurer closed up 7.6 per cent as investors saw the offer as a vote of confidence [...]
Investors pass Healthcare Locums fundraising plan September 12, 2011 HEALTHCARE Locums shareholders defied rebel investors to vote in favour of a £60m fundraising plan tabled to repay the firm’s debt pile yesterday. More than 50 per cent of shareholders supported the plan to raise the funds primarily from two large funds, Toscafund and Ares Capital, while only 16 per cent backed the rebels. The [...]
McGraw-Hill set to split into two listed companies September 12, 2011 MCGRAW-HILL, agreeing to investor demands to “unlock shareholder value”, said yesterday it will divide itself into a markets data company that includes its Standard & Poor’s ratings businesses and an education company for textbook publishing. The breakup of the mini-conglomerate follows public demands starting in July from the Ontario Teacher’s Pension Fund and hedge fund [...]
Great Portland swoops on two London offices September 12, 2011 GREAT Portland Estates unveiled plans yesterday to expand into London’s West End by buying two properties for more than £250m. The London property developer has agreed to buy a 2.3-acre site near Oxford Street from the Royal Mail Group for £120m in cash – its largest deal to-date. Royal Mail will lease back the site [...]
Warren Buffett taken on new asset manager as part of succession plans September 12, 2011 BILLIONAIRE investor Warren Buffett (pictured right) advanced his succession plan yesterday by naming Ted Weschler, a low-profile hedge fund manager who has produced out-sized returns in the last decade, to help manage the investments of Berkshire Hathaway. Weschler, 50, will start at the company early next year and work with Todd Combs, who joined Berkshire last [...]
M&S unveils £600m store revamp as Bolland looks to put his stamp on retailer after Rose September 12, 2011 MARKS & Spencer boss Marc Bolland yesterday laid out detailed plans for a £600m stores revamp. Bolland said at a presentation at the retailer’s High Street Kensington branch that M&S will open 14 pilot stores in October incorporating refurbished designs and new store layouts with deli and bakery counters for its food section. M&S today [...]
Broadcom to buy rival for $3.7bn September 12, 2011 AMERICAN chipmaker Broadcom plans to buy NetLogic Microsystems for about $3.7bn (£2.3bn) to expand its lineup of chips used in wireless network equipment to take advantage of growing demand for mobile data services. The $50-per-share deal, which represents a premium of 57 per cent over NetLogic’s Friday close on the Nasdaq, sent NetLogic’s shares soaring [...]
MONUMENTAL NEW BUILDING September 12, 2011 Rockspring Property Investment Managers has secured planning consent to redevelop an 80,000 square feet office in the City of London. The fund manager, together with its development partner, Charterfield Asset Management, will push ahead with plans to revamp Centurion House, the well-known 1980s building next to The Monument in the Square Mile and replace it [...]
Surly Serena avoids a ban and escapes with a fine September 12, 2011 BEATEN US Open finalist Serena Williams avoided a ban and escaped with a fine of $2,000 for her outburst during her defeat to Samantha Stosur on Sunday. Williams received a code violation for verbally abusing umpire Eva Asderaki during her 6-2, 6-3 defeat, after a furious rant that included the remarks: “If you ever see [...]
Greenwood: England must utilise Foden and Ashton September 12, 2011 FORMER England centre Will Greenwood has urged Martin Johnson’s side to throw off the shackles and return to the expansive style of rugby that saw them brush Australia aside last autumn if they are to make a major impact at the World Cup. The error-strewn performance against Argentina on Saturday could not have been further [...]
