Morrisons: Singapore’s wealth fund GIC joins Fortress’ £6.3bn takeover deal July 28, 2021 In an unexpected turn of events, Singapore’s sovereign wealth fund joined this morning forces with the private equity-led consortium seeking to buy Morrisons in £6.3bn deal. Bosses at the supermarket giant agreed the takeover move, led by institutional investor Fortress, earlier this month. However, last night, Morrison’s largest shareholder, Silchester International, said it will not [...]
Sydney extends lockdown as Covid-19 cases rise July 28, 2021 Sydney is set to remain in lockdown until August, local authorities confirmed today. This announcement comes after a stay-at-home order implemented in late June failed to douse an outbreak of the Delta variant. With over 2,500 infections, this is Sydney’s worst outbreak this year. On Tuesday, New South Wales recorded the highest number of cases [...]
Morrisons’ biggest shareholder refuses to back £6.3bn Fortress-led takeover bid July 27, 2021 Morrisons’ largest shareholder has announced “it is not inclined to support” a £6.3bn takeover bid by a consortium led by SoftBank-owned Fortress. Silchester International Investors, which owns 15.1 per cent of Morrisons, said in a statement on Tuesday evening that “there is little in the recommended offer that could not be achieved by Morrison as [...]
Green economy Spac Spinnaker plots London stock market float July 26, 2021 A special purpose acquisition company (Spac) focused on sustainability and green energy is planning an initial public offering on the London Stock Exchange. Spinnaker Acquisitions — a blank-cheque firm that will target mergers in the green economy — will list in London this week. The company said it will target businesses valued at between £5m [...]
Cash holdings: UK corporates’ £109bn warchest increasingly a rival to private equity in M&A July 26, 2021 UK corporates have seen their aggregate net cash holdings rise from £20bn to £109bn since March 2020 and the start of the Covid pandemic, a jump of 500 per cent. The build up in cash balances has been so dramatic that UK corporates are increasingly seen as a serious rival to private equity funds in [...]
Bankers, lawyers and advisers set to enjoy £300m in fees from Morrisons sale July 23, 2021 Over £300m in fees stands to be gained by those involved in the £6.3bn sale of Morrisons, documents have revealed according to a report. Shareholders in Morrisons will vote on a £6.3bn takeover bid from a trio of private investment groups led by SoftBank-owned Fortress on 16 August. If the deal goes ahead, private equity [...]
City’s law firms navigate choppy pandemic seas with aplomb July 22, 2021 Despite the disruption caused by Covid-19, City law firms have continued to display strong financial results as senior partners head off on long-awaited summer breaks. Ashurst, currently advising Morrisons on a £6.3bn takeover, saw their revenue rise 10 per cent from £644 million to £711 million. Additionally, profit per equity partner rose 15 per cent [...]
Visa to buy London payments firm Currencycloud for £700m July 22, 2021 Visa has inked a deal to buy London payments group Currencycloud in the latest move by a US buyer to swoop on the booming British tech sector. The financial services giant today said the deal builds on an existing partnership between the companies and values Currencycloud at £700m inclusive of cash and retention incentives. However, [...]
Morrisons shareholders to vote on Fortress-led takeover bid on 16 August July 22, 2021 Shareholders in Morrisons will vote on a £6.3bn takeover bid from a trio of private investment groups led by SoftBank-owned Fortress on 16 August. In a document outlining Fortress Investment’s offer, Morrisons today said a court meeting and a general meeting of shareholders would be held on the August date. Fortress’ offer for the British [...]
Pandemic boost: Pharmacy2U’s online product delivery climbs to 17m July 21, 2021 Pharmacy2U has delivered over 17m medicines since the start of the pandemic, figures from the Leeds-based online pharmacy showed today. The e-pharmacy, well-known for its repeat prescriptions service, has seen a sharp increase in customers ordering medicines online. The company has grown its operations to support the work of the NHS and adapt to stay-at-home [...]