Fidessa confirms SS&C and Ion Trading approaches as bidding battle heats up after £1.4bn Temenos takeover proposal April 5, 2018 The firms at the heart of a bidding battle over Fidessa have been named by the UK financial tech firm as Ion Trading and SS&C. The company said earlier in the week it had received fresh offers to rival a £1.4bn approach from Switzerland’s Temenos and today named the firms behind them off the back [...]
Poundland follows controversial Christmas naughty elf campaign with some risqué Easter ads March 26, 2018 Poundland got into hot water last month with the Advertising Standards Authority for its naughty elf Christmas adverts, which were branded offensive and unsuitable to be seen by children. But that hasn’t dampened the discount retailer’s spirit. In fact, it has recently kicked off a new campaign for Easter, featuring a fluffy rabbit and chick. [...]
Fidessa trades above Temenos offer price in £1.4bn acquisition after Elliott Capital discloses stake February 21, 2018 Banking technology firm Temenos today agreed a £1.4bn acquisition with London-headquarterd software firm Fidessa, with shares trading above the offered price after Elliott Capital Advisors disclosed an increased stake. The firms today announced the deal had been agreed after the two firms announced the takeover was at an advanced stage yesterday following big share price [...]
HSBC takes $188m hit from Carillion and Steinhoff write-downs February 20, 2018 HSBC has been forced to take a $188m (£135m) hit from the fallout of collapsed contractor Carillion and troubled retailer Steinhoff. In its annual results presentation, the British banking giant said loan write-downs were “mainly driven by two individual corporate exposures”. City sources said the two companies in question were Carillion and Steinhoff. HSBC was [...]
Former boss of Poundland owner Steinhoff reported to the police January 31, 2018 The former chief executive of embattled retail giant Steinhoff has been reported to the police by the firm. Markus Jooste resigned from Steinhoff, which owns Poundland and Bensons for Beds in the UK, last December when the company postponed its financial statements. Read more: Activist short-selling fell in 2017 as hedgies dug for overvalued stock [...]
Troubles at Steinhoff prompt private equity bidders Advent, Apax, Bain, CD&R, CVC and KKR to circle Poundland January 21, 2018 Speculation over the future of Poundland has attracted a pack of prospective private equity bidders ready to snap up the discount retailer. Buyout giants including Advent International, Bain, Clayton Dubilier & Rice, CVC and KKR are sniffing around the company in the expectation that it might soon be sold by its disgraced South African parent [...]
Pinched-for-cash Poundworld in talks with TPG for more money after poor festive trading January 18, 2018 Discount retailer Poundworld is in talks with its majority owner, US private equity giant TPG Capital, for a new cash injection after a troubling festive period. Poundworld is asking for another £30m to £40m of investment, according to Sky News, after disappointing sales and one-off costs saw its debt pile up last year. Sources close [...]
JP Morgan posts $143m loss tied to Poundland owner Steinhoff January 12, 2018 JP Morgan has reported an increase in revenue for the fourth quarter of 2017, but posted a huge loss on a loan to a single customer in its equity markets business. The company said it recorded a $143m (£105m) loss on a margin loan to a single client of its corporate and investment bank, but [...]
Poundland just had its best Christmas ever January 3, 2018 It seems those questionable elf ads did the trick, for Poundland just had its best Christmas since it began trading in 1990, it said today. The bargain retailer said like for like sales in the three weeks to Christmas rose six per cent, while sales in the week before Christmas were 20 per cent higher [...]
Steinhoff’s shares sink again as chairman quits and retail giant says it must restate 2016 accounts December 14, 2017 South African retail giant Steinhoff saw its chairman quit this evening, after the group said earlier in the day it will need to reissue its financial figures for 2016. The retail giant said that tycoon and major shareholder Christo Wiese had offered to resign, to reinforce the independent governance of the company, and that the [...]