Betaville in 2019...
Competitors like to write off little old Betaville but this website was punching above its weight in 2019, landing a series of exclusive genuine "scoops" throughout the year...
Competitors like to write off little old Betaville but this website was punching above its weight in 2019, landing a series of exclusive genuine "scoops" throughout the year...
That's the end of that, then.
The hedgies attempt to squeeze some extra cash out of Apax, Warburg Pincus and the Canadian pension funds for Inmarsat ends as a damp squib after they effectively folded in this game of poker by withdrawaing their joint legal action at today's hearing at the Court to sanction the Scheme of Arrangment. Below is the link:..
To the Court for tomorrow's hearing to sanction Warburg Pincus and Apax's Scheme of Arrangement to take Inmarsat private.
The judge may be confronted by a bunch of angry hedgies who have been arguing the private equity firms should pay more or attach a contigent value right aspect to their deal because of developments in the US sattelite industry may mean Inmarsat is worth significantly more...
The Inmarsat takeover saga continues, with the company delaying the Court hearing to sanction the Scheme of Arrangement until next week. Below is the link:
You don't see this very often: hedge funds coming out publicly against their rivals in support of the board during a row about whether the target company should be a soliciting a higher offer or contigent value rights from its private equity acquirers...
Inmarsat's board is facing another shareholder backlash after it emerged that investors controlling 17pc of the company have written to the FTSE 250-listed business, arguing it should delay the sale of the business or even appoint an independent financial adviser to review the £2.6 billion takeover offer from Apax and Warburg Pincus amid questions about a "conflict of interest"...
Yesterday Nicky Morgan - the culture secretary - declared she is minded to approve Apax and Waburg Pincus's £2.7 billion takeover of Inmarsat.
Now, that actually dissapointed some punters, who were rather hoping the regulatory authorities would carry out a more in depth investigation into the buy-out...
Tucked away in the back of the business section of my old employer - The Daily Telegraph - are some rather interesting comments from Gervais Williams, the respected fund manager, about the prospect of a pick up in dealmaking.
Williams, who runs the Diverse Income invesmtent trust - told Richard Evans, a rather nice former ex-colleague who writes the Questor column- that London-listed companies are at "unusually attractive valuations"...
Arbitrageurs breathed a huge sigh of relief after the Scheme of Arrangement to take Inmarsat private scraped through with just 78.9pc of shareholders giving it the green light.
So who was it that voted against the deal completing?
According to one mole, Norges - the Norwegiant investor that owns around 3pc of Inmarsat - voted against approving the Scheme.
There is also talk a well-known British institutional investor also disapproved although it's not clear why...
So, that was close: just 78.9pc of Inmarsat shareholders voted to approve the Scheme of Arrangement at today's court meeting.
The private equity consortium led by Apax and Warburg Pincus needed 75pc of Inmarsat shareholders to approve the Scheme and allow the $3.3 billion takeover to complete...