Posts tagged: G4S
Quelle surprise: the Takeover Panel has just announced an auction as a solution to solve the G4S bid battle stalement was on the money.
Below is a link to the announcement of the auction and also my previous article:
There weren't too many deal stories in today's British Sunday newspapers as it's clear there are many more imporant things to worry about.
But Oliver Gill, a hotshot young business hack on The Sunday Telegraph, had a similar line to Betaville about the G4S bid battle heading towards a Takeover Panel-led auction. Below are the links to those tales:..
It would appear this morning's missive has stirred the pot somewhat, eliciting howls from sound corners of the London market.
To be clear, this morning's report wasn't suggesting there WILL BE a Takeover Panel led auction this weekend; just that is talk there is one coming down the track as there are moves afoot by advisers (don't forget, this could all be tactical to get one side to jump first)...
There is speculation circulating the London market that the Takeover Panel and the various advisers working on the G4S bid battle may be preparing for a unusual weekend auction process.
That's because both Canada-based Garda World and America's Allied Universal have extended their respective offers after a very limited of amount of investors have accepted their respective bids...
It's pretty gloomy out there given the current state of affairs but hasn't put a dampener on dealmaking.
Today in the US ConocoPhillips announced a $9.7 billion for shale explorer and producer Concho Resources while chip maker Intel Corporation is in talks to sell its memory-chip unit to South Korea’s SK Hynix Inc. for roughly $10 billion. That's two $10 billion deals in a day...
Just after I hit the publish button Canadian security firm GardaWorld launched a "bear hug" for ailing G4S. It really is Merger Monday!
Anyway, GardaWorld and its private equity backer BC Partners is offering 190p a share for G4S after having several approaches rebuffed.
Now, I call this a "bear hug" because private equity firms don't typically carry out real "hostile" bids because they need to do due diligence to get access to funding/debt/leverage...
There is an old saying in (British) journalism: "three makes a trend".
I guess, then, we are half way there when it comes to the French Canadians and British businesses.
Several week's ago Saputo - based in Montreal, Canada - paid £1 billion for London-listed cheesemaker Dairy Crest.
And yesterday it emerged Garda World, whose headquarters are also in Montreal, is weighing a £3 billion takeover of accident-prone security company G4S...