Spain’s new takeover code to get an outing 23 May 2003 Spanish M&A is hotting up again. This time it s in the hotel sector. But that s the only real difference. The bid for 26% of NH Hoteles looks as fishy as recent bids in Spain s utility and construction sectors.
Another buyout firm opts for second bite 23 May 2003 Bridgepoint Capital is buying back a UK health club it listed in 1997 at an 80% discount to the IPO price. Luckily it can count on selling Holmes Place to another LBO fund, because investors won't look kindly on a return to market.
Mitchells & Butlers may turn from prey to predator 22 May 2003 The UK pubs group has probably seen off predators by gearing itself up. Its latest promise is to disgorge another £400mplus. It is clearly tempted by the prospect of buy Scottish & Newcastle's pub estate. But it's only worth doing if the price is good.
Guy Hands may pump £100m into Meridien 20 May 2003 But make no mistake, the private equity guru isn t motivated to rescue the sinking hotel group out of kindheartedness. All investors will take a share of the pain in recapitalising Meridien. And Hands could have a shot at scooping up control.
European tour operators see rays of hope 5 May 2003 MyTravel and First Choice Holidays have seen summer bookings start to pick up following the end of war in Iraq. The operators were smart top cut capacity before the hostilities broke out. But it s not all sunny skies ahead yet.
Share buying sparks bid talk at Man Utd 1 May 2003 A group of wealthy entrepreneurs are suspected of plotting a takeover of the famous football club. There may be a bid one day but it probably won't come from them.
Adidas losing traction 30 Apr 2003 The sneaker giant posted shining Q1 results, but hinted at a disappointing backlog, particularly in the US. Is this the Puma effect or the impact of a revamped supply chain, as the company suggests?
Hands’ investors may lose £800m on Meridien 27 Apr 2003 The hotel group bought by the private equity guru faces disaster. Shareholders will be wiped out and creditors will take a haircut. Guy Hands will find it harder to raise money for his own fund. And the private equity industry as a whole will shudder.
InterContinental warns of profit shortfall 24 Apr 2003 War in Iraq has hit its European business hard. Now its Asian business is being badly hurt by Sars. The newly demerged hotels group is stepping up costcutting. But that won't be enough to compensate. And bid speculation is evaporating.
Six Continents’ gamble pays off 15 Apr 2003 Both the pubs and hotels groups have nabbed enviable market valuations. SixCon was right not to give in to its stingy bidders. Raiders hoping for an easy steal will be disappointed. But both groups will need more bid speculation to keep their valuations aloft.
Internet firm in underwritten placement 26 Mar 2003 It almost sounds like the panto at an investment bank's Christmas party: travel dotcom raises money during war. But it's very real. Moreover, Lastminute.com's deal is entirely underwritten by a bluechip investment bank!
SixCon demerger not a vote of confidence 12 Mar 2003 Shareholders were right to back the demerger, seeing off an opportunistic challenge from Hugh Osmond. But this does not mean all is well at the hotels and pubs group. Less greedy offers for either of the demerged bits would probably succeed.
SixCon shareholders should vote for demerger 7 Mar 2003 Osmond's mainlypaper offer is not compelling. He is also trying to take too big a slice of the action for himself. Better to back the demerger and entertain bids for the component bits afterwards.
Bidders may battle for Pizza Express 27 Feb 2003 Rivals are threatening to upstage Luke Johnson's accepted offer. A bidding frenzy for the chain may soon erupt. Johnson won't want to fall out of the game. That may be good news for shareholders.
Credit derivatives market in a tizzy over SixCon split 21 Feb 2003 What happens to credit default swaps if the UK group gets its demerger through? Do they do the splits too? The only certainty is that, if Osmond blocks the demerger and loads SixCon up with debt, the swaps will be worth having.
Hugh Osmond mulls bid for Six Continents 19 Feb 2003 But he will need to answer many questions before investors will feel comfortable voting against SixCon's demerger plans. The UK pubs impresario hopes to capitalise on investor discontent with SixCon's management and strategy.
Six Continents kicks off pubs and hotel split 17 Feb 2003 The demerged groups are now on the defensive. Management claims they can, and will, stand alone. But their arguments are not compelling, and the onus is on them to prove they can create value.
Private equity plays pass the parcel with Gala Bingo 7 Feb 2003 Gala is close to being sold to private equity for the third time, in the UK's first large tertiary buy out. Is this as crazy as it seems? There is some method to the madness. Firms want to exit with a profit. And recently the IPO market hasn't looked the best bet.
Diller has a stranglehold on Vivendi 6 Feb 2003 The conglomerate simply has to extract cash from its US entertainment partnership with Barry Diller. And it cannot do that without appeasing him or accepting that he can blight any attempt at a sale.
IG Group founder puts it up for sale 21 Jan 2003 Stuart Wheeler says he's selling his 24% stake in the spreadbetting business to fund his retirement. But that's not all. Wheeler's move is a clear sign that the UK company has gone exgrowth.