Donald Trump makes bad role model 1 Apr 2004 A hit US reality TV show has made the New York real estate developer one of the country's most admired businessmen. Yet judging by the health of his listed hotels and casino group, it would be tragic if Trump became a role model for US business.
Wembley bidding war kicks off 30 Mar 2004 US consortium BLB has trumped a recommended offer from MGM for the UK gaming firm with an 800p per share offer. But MGM has hit back rapidly by saying it may come back with an increased offer.
GPG in cheeky bid for De Vere stake 25 Mar 2004 The investor group says the UK hotels group is undervalued but it has launched a partial offer at market price. Investors should block its move. Letting GPG buy a controlling stake on the cheap isn't the best way to unlock value for all shareholders.
Autogrill investors should take a pit stop 16 Mar 2004 Hopes that the Benetton family might sell its 57% stake for a fat price have been boosting the roadside operator s shares. Similar partial buyouts in the past have made minority investors money. But this opportunity looks like a squeezed lemon.
InterContinental makes plans to spin off Britvic 11 Mar 2004 The UK hotel group doesn t need to be selling soft drinks. Spinning off the beverages group it inherited from Six Continents makes sense. InterContinental would also benefit from highlighting Britvic s valuation.
Lehman makes double-or-quits bet on Meridien hotels 30 Dec 2003 To salvage a £200m investment it made, the US bank is buying out all Meridien's other investors for a further £730m. That's a pretty big bet, so it had better know what it's doing.
MyTravel hits rock bottom 11 Dec 2003 The travel group lost £911m this year. On the bright side, it might survive another 12 months and maybe even make some money in 2005. But it's not yet a credible recovery story. It s hard to see why anyone would buy MyTravel over rival First Choice.
The reverse engineered IPO returns 4 Dec 2003 Collins Stewart has bought Center Parcs from private equity firm MidOcean Partners, and plans to float it immediately. With private equity funds hard pressed to return money to investors, this is looking like the new exit strategy.
Tui takes a break from travel woes 27 Nov 2003 With a good third quarter behind it, is Tui in a position to gobble up some of the many travel industry assets up for sale? Not unless it sells its logistics arm. But even then, Europe s largest tour operator faces serious competition from a new breed of rivals.
Lane Fox resigns as Lastminute breaks even 20 Nov 2003 It used to be said that the only thing managers of internet firms were good at was burning investors' cash. The travel website cofounder's decision will only strengthen this prejudice in the minds of some.
Punch buys Pubmaster for £1.2bn 6 Nov 2003 The UK tenanted pubs group has nearly doubled the size of its estate with the acquisition of its privately owned rival. With synergies more than covering the premium it is paying, Punch looks like it can drink a toast to consolidation of the pubs industry.
Mitchells & Butlers launches £1.9bn securitisation 9 Oct 2003 M&B is no longer a prime takeover target. It is now up to management to prove it can deliver value as an independent entity. This mammoth allcompany refinancing will allow the UK pubs group to hand back £500m in cash to shareholders £100m more than promised.
S&N sells pubs for £2.5bn to Spirit 6 Oct 2003 The sale exceeded expectations, creates a focused European brewer from a pubs conglomerate and underlines demand for UK pubs. But S&N already spent most of the proceeds. It will still be highly geared with a middling growth profile not too attractive for a bid.
TUI takeover speculation overblown 24 Sep 2003 West LB s 31% stake in Europe s largest tourism company is up for grabs. TUI s share price has shot up on takeover speculation. But TUI s debt load will deter many buyers. The chances are slim that minority shareholders will see a takeover premium come their way.
Film and TV set to be next victims of piracy 1 Sep 2003 Since 2000, the global music industry has shrunk 13% because it cannot protect its copyright against internet piracy. The TV and film industry is next in line for the online filesharing treatment. Could that put its growth into reverse, too?
UK hotels could be a good property play 27 Aug 2003 One answer lies in an ongoing review of UK taxation for property groups. Property tycoon Jack Petchey is building what look like trading stakes in struggling UK hotel chains. How can he make a turn?
NH Hoteles beats back bid 6 Aug 2003 The Spanish hotelier may claim victory at the failure of Hesperia's cheeky bid. But it's not quite a win for minority shareholders' rights. The bank shareholders who could have tipped the balance to Hesperia simply weren't offered juicy enough incentives to sell their stakes.
EuroDisney heads for restructuring 5 Aug 2003 The theme park company is set to breach covenants and wants to talk to its creditors about refinancing. This is just a return to problems EuroDisney's 1994 restructuring fudged: its balance sheet needs to decisively shrink to fit reality.
Hands’ rescue plan exploits Le Meridien structure 23 Jul 2003 RBS is backing the private equity guru s £150m rescue plan for the luxury hotels group. That may be enough to put Hands back on top. The other lenders are still mulling other alternatives. But they would face even bigger losses if the company gets put into administration.
Russian tycoon buys Chelsea football club 2 Jul 2003 Chelsea is a trophy asset. Its location in London ensures it a group of wellheeled and wellconnected fans. Roman Abramovich will gain social cachet and connections from the purchase. Whether it stacks up as a business proposition is secondary.