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’Snap news
Breaking pre-market news on Friday,
- Macondo well integrity test could last 48 hours, BP says — statement.
- National Lottery Commission to reject Camelot’s plan to offer ancillary activities — statement.
EQT set for €2.3bn Springer deal
EQT, the private equity arm of Sweden’s Wallenberg family, is set to announce on Thursday the €2.3bn takeover of Springer Science and Business Media. The deal ends a tortuous sales process by its two UK private-equity owners,
Candover abandons €3bn buy-out fund
Candover has agreed with investors to terminate the €3bn (£2.73bn) buy-out fund it raised last year, turning the once successful UK buy-out firm into the industry’s first large victim of the credit crisis.
Leverage and the Lloyd’s List
Here’s a blast from the past.
Remember Informa, publisher of the Lloyd’s List and The Earthmover & Civil Contractor Magazine?
The last time Alphaville wrote about the company it was the subject of a leveraged takeover bid from a private equity consortium,
Informa eyes deal for Springer
Informa, publisher of Lloyd’s List, has held talks with its rival Springer Science and Business Media over buying the German academic publisher whose private equity owners are looking to sell the whole business at a reduced valuation.
Gala Coral agrees debt plan
Shareholders in UK gambling group Gala Coral have agreed to cede overall control of the group under a debt restructuring proposal to be considered by the board on Friday. The breakthrough over restructuring Gala’s £2.5bn debt came last weekend after Candover,
Gala Coral gambles on debt deal
Gala Coral, Britain’s biggest bingo chain, is close to finalising a restructuring deal that will see lenders write off £540m of debt, reports the Guardian. The gambling group’s private equity owners Candover,
Candover ends deal talks
Shares in Candover rose on Monday after the ailing UK buyout group said it was still considering splitting itself up after ending takeover talks with potential buyers. Candover received proposals for an outright takeover or minority stake sale from rival groups including Blackstone,
Snap news
Breaking pre-market news on Monday,
- Candover Investments says potential offer talks have now ceased — statement.
- Corporate: Rolls-Royce, Asos, Premier Foods, Informa, Hargreaves Lansdown, SDL,
Candover sells Wood Mackenzie in the nick of time
Shares in Candover Investments jumped 12 per cent on Friday morning to 300p after the troubled UK private equity group gained some badly-needed breathing space on Friday with a deal to sell Wood Mackenzie,
Charterhouse bids for Wood Mackenzie
Charterhouse Capital, the UK buyout group, has started exclusive talks to acquire Wood Mackenzie, the energy research and consultancy group, for about £550m in what would be the biggest UK leveraged buy-out this year.
Candover faces possible run-off
Candover faces a crucial month as the ailing UK private equity group pushes to raise capital and cut costs before a key test of its debt covenants on June 30. The group needs cash urgently and is considering options including an outright takeover,
Candover to sell Wood Mackenzie
Candover, the ailing UK-listed private equity group, is close to agreeing the sale of Wood Mackenzie, the fast-growing energy consultancy, for which it expects to receive four bids from rival buyout groups next week.
Bankers discover the year of ‘sorry’
“Sorry” was not really a word that figured prominently in a big banker’s lexicon — unless, that is, it was merely to express regret for missing a deal or an important client. How times change. Since early last year,
Candover chief says sorry for decline
Gerry Grimstone, chairman of Candover, admitted that the UK private equity group’s structure was “unsatisfactory” as he faced shareholder criticism for mistakes that forced it to be put up for sale after suffering a liquidity crisis.
Candover board to discuss bids
The board of Candover will meet early this week to discuss bids received for the buyout group, which put itself up for sale after suspending the €3bn fund it raised last year. The UK-based group had received “a small handful” of early indicative offers to buy Candover Investments,
Wood Mackenzie seeks buyer
Wood Mackenzie has hired Goldman Sachs to sell the fast-growing energy research and consultancy group for at least £650m to gain a badly needed cash injection for Candover, its ailing private equity owner.
Candover to hand back part of fund
Candover is preparing to hand back much of the €3bn (£2.7bn) it raised from investors for its latest buy-out fund, in a humbling blow to one of the UK’s biggest private equity groups. The move, announced Tuesday,
Gala Coral hits at credit insurer
Gala Coral, the private equity-owned UK gambling group, has accused Euler Hermes, one of the world’s largest credit insurers, of “appalling behaviour” in withdrawing cover against unpaid bills to Gala Coral’s suppliers.
UK court clears Expro sale
Traders beat Britian’s High Court to a final verdict on Expro International on Thurday as disgruntled investors failed to prevent a judge from approving a £1.8bn sale of the oil services group to a consortium led by Candover,
UK court delays Expro sale
Halliburton locked horns with the UK’s Takeover Panel on Monday over its failed attempt to kick-start an auction for Expro International, as the High Court postponed its approval of the sale of the UK oil services company to a rival bidder.
Expro defends rejection of Halliburton
Halliburton’s proposed bid for Expro International, the oilfield services company, was inadequate given the delays and risks associated with the deal, Expro’s independent directors said Sunday night.
Buyout groups circle Informa
Investors on Monday greeted news of a proposed merger between United Business Media and Informa as a credible combination of two complementary business media groups. Shares in UBM rose 2% to 618p Monday while Informa’s shares shot up 13.3% to 437½p as investors bet the nil-premium proposal may flush out a private equity offer.
Halliburton in all-cash offer for Expro
The battle to gain control of Expro International intensified on Thursday night after Halliburton made a £1.7bn all-cash takeover proposal for the oil services group, trumping a bid from a private equity consortium.
Breaking news: Halliburton counterbid for Expro
From impeccable market sources:
Halliburton is preparing to launch a counterbid for Expro, the oil services group which agreed on Thursday to be taken over by a Candover-led private equity consortium.
Candover leads £1.8bn Expro LBO
Expro International on Thursday agreed to be acquired by a buy-out consortium led by Candover Partners in a deal valuing the oil services group at £1.8bn, which would be the biggest UK LBO this year. But shares in the company,
An inside job at Expro
The takeover of oil services group Expro by a Candover-led private equity consortium is a done deal, right?
Wrong. The summary of Thursday’s formal announcement gives us all the usual guff (and important things,
Cash injection for UK’s Gala Coral
The private equity backers of UK betting operator Gala Coral are ploughing £125m into the company in return for a relaxation of its covenants, because of investor concerns that the company was heading for default.
Weekend catch-up…
In case you missed these FT stories:
Carlyle faces more margin calls
The confrontation between the Carlyle Group and its bankers intensified on Friday as the buy-out group’s Amsterdam-listed fund,
Candover in talks on Towergate
Peter Cullum, the founder and majority owner of Towergate, the UK’s largest privately-owned insurance intermediary, is in talks to sell a stake of about 25% to Candover, the private equity group, for up to £850m.