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’CDS Report: Buy on the rumour, sell on the news
The old stock market adage of “buying on the rumour and selling on the news” appears to have translated into the behaviour of participants in the European credit derivatives markets even though it is producing some counter-intuitive results.
KKR fills its Boots
Game over. KKR launched a aggressive double-whammy to block rival Terra Firma’s hopes of winning Alliance Boots, following up its teatime raid on Monday night with a dawn raid before the market opened in London on Tuesday.
KKR ups bid in battle for Alliance Boots
KKR and Stefano Pessina struck a decisive blow against Terra Firma’s efforts to table a rival bid for Alliance Boots on Monday night after buying shares in the market at £11.39, in effect raising its offer for the company to £11.1bn.
Boots battle rages as Terra Firma eyes Bupa
Terra Firma, the investment firm run by Guy Hands, believes it will be able to submit a firm £10.9bn offer for Alliance Boots, as proposed last Friday, but will then face a higher counterbid from KKR,
Alliance Boots battle has a way to walk
The statement, we can assume, just about dictated itself.
After Friday morning’s intense two-way action in Alliance Boots, the board of this suddenly popular pharmacy chain and drugs wholesaler has come out on Friday afternoon and said:
CDS report: Boots tighter despite bidding war
The cost of insuring the debt of Alliance Boots fell on Friday morning even as a bidding war erupted over the UK health and beauty group.
A consortium led by private equity firm Terra Firma raised its offer for Boots to £11.26 a share,
KKR wins Alliance Boots recommendation, but this deal is not quite done
As widely trailed, KKR and Stefano Pessina have won the backing of the Alliance Boots board for a takeover bid that values the pharmacy chain and drugs wholesaler at £10.6bn.
But it seems to have been a close-run,
Crunch time for Pessina, KKR’s £10bn Boots bid
Stefano Pessina and KKR were on Thursday night preparing to table a firm £10.1bn bid for Alliance Boots in what they hope will be a knock-out blow against rivals who are circling the group, reports the FT.
CDS report: Asian falls dent sentiment
Sharp falls in Asian equity markets dented sentiment in the European credit derivatives markets on Thursday morning, sending main indices wider.
The iTraxx Crossover index of the most widely traded junk-rated credit default swaps — a kind of insurance against the non-payment of debt — opened morning 3 basis points wider at a mid-price of 201bp,
Boots assures bid rivals have equal access
Alliance Boots on Tuesday dismissed claims that Terra Firma, the private equity firm run by Guy Hands, had been granted only limited access to its books as he seeks to counter a £10bn offer for the group from KKR,
Banks vie to lend £20bn for rival Boots bid
More than 10 banks are understood to be competing with each other to fund the counter-offer by Terra Firma for Alliance Boots and are willing to lend nearly twice the £11.4bn price tag attached to the pharmacy chain,
CDS report: Continental tightens on VDO talk
The cost of insuring the debt Continental, the German tyremaker, traded lower throughout Monday morning on news that the company might be interested in buying Siemens’ VDO auto parts business.
The development,
Hands moves in on Boots as KKR readies £10.1bn bid
Guy Hands, the City financier plotting a £10bn bid for Alliance Boots in conjunction with Wellcome Trust, has gained access to the company’s accounts and has begun due-diligence work, reports The Times.
Wellcome and Terra Firma appoint Lehman for Boots bid
Terra Firma Partners, led by financier Guy Hands, and Wellcome Trust, the medical research charity, have appointed Lehman Brothers to act as their financial adviser on a possible £10bn-plus bid for Alliance Boots,
Snap: KKR pulls out of CVC-led Sainsbury bid consortium – report
KKR has withdrawn from the CVC Capital-led group studying a takeover bid for UK supermarket chain J Sainsbury, Reuters reported on Thursday, citing people familiar with the situation.
The firm, which is also in £10bn talks to buy pharmacy chain owner Alliance Boots was worried about possible competition problems and the price being discussed by the group eyeing Sainsbury,
Markets live transcript 5 Apr 2007
Markets live chat transcript for the chat ending at 11:51 on 5 Apr 2007. Participants in this chat were: Paul Murphy (PM) Stacy-Marie Ishmael (SMI) Neil Hume (NH)
PM: Welcome to a Markets Live here on Alphaville
PM:
Pessina faces new rival and pension fears in Boots move
The potential £10bn acquisition of Alliance Boots by its deputy chairman and KKR faces two new hurdles after the emergence of a rival suitor and fresh concerns over its pension fund. Celesio, the German pharmacy group,
KKR in advanced talks on $26bn deal for First Data
KKR was on Sunday night in advanced talks to acquire First Data, the US-based credit card processing group, for $34 per share, or about $26bn in cash, people familiar with the matter said. KKR is offering to pay First Data shareholders more than a 20 per cent premium over the company’s closing share price of $26.90 on Friday.
The case of the buyout group, the chemist and the grocer
KKR is at the centre of two possible mega-deals for FTSE 100 companies, notes the BBC’s Robert Peston on his blog. And the British competition regulators will be paying very close attention to whatever happens next.
CDS report: Boots in focus as KKR boosts offer
News that Stefano Pessina and Kohlberg Kravis Roberts had upped their bid for Alliance Boots to £10.40 a share sparked a jump in the cost of protection for the UK-based pharmacy chain in Europe’s credit derivatives markets this morning.
Snap: KKR, Pessina up Alliance Boots offer to £10bn
Alliance Boots has received a revised cash proposal from KKR and deputy chairman Stefano Pessina of 1,040p-per-share, the group said in a statement on Friday. The group also said it would allow its suitors a limited period to examine its books.
CDS report: Blackstone bid for Boots?
The cost of protecting Alliance Boots’ debt against default jumped this morning on the back of reports that US private equity firm Blackstone was planning a counterbid for the UK-based high-street chemist chain.
Pessina banned from Alliance Boots head office
Stefano Pessina, the deputy chairman of Alliance Boots, who is fronting a potential £9.7bn private equity bid for the group, has been banned from the company’s central London head office, the Guardian reports.
Blackstone could foil Pessina offer for Alliance Boots
Stefano Pessina, the executive deputy chairman of Alliance Boots, is expected to table a new offer for the retail and wholesale group within weeks but could be frustrated by private equity giant Blackstone,
Alliance Boots sets out de facto defence
Alliance Boots on Wednesday moved to reassure shareholders that it could deliver strong growth as a public company as it updated the market on current trading, the FT reports.
In a very detailed trading statement,
CDS report: Sainsbury pension deficit souring bid
J Sainsbury was one of the biggest movers in the European credit derivatives market this morning after the UK supermarket group’s pension deficit and it potential harm it could do to any private equity bid was the subject of a number of stories in the weekend press.
Hands targets high street
The battle for Alliance Boots has escalated after it emerged that legendary dealmaker Guy Hands is talking to advisers about a possible bid for the drug retailer and wholesaler through his investment vehicle Terra Firma,
3i drops Merrill for Lehman Brothers
Merrill Lynch has been dropped as corporate broker to private equity group 3i, the second time this month the US investment bank has lost such a role to a FTSE 100 company. 3i has followed Tesco in replacing Merrill Lynch with Lehman Brothers.
Sainsbury war looms as suitors test waters
Prospects of a full-scale bidding war for J Sainsbury have grown as the supermarket group attracted fresh predators and the original CVC-led consortium met pension trustees last Friday. Senior members of the CVC-led team,