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Transactions UK
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October 24, 2024
White & Case Helps Mike Ashley Demand CEO Role At Boohoo
Frasers Group PLC called on Thursday for retail tycoon Mike Ashely to take the helm of Boohoo, claiming that the fast-fashion group is having a "leadership crisis."
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October 24, 2024
UK Clears Acerinox's $800M Bid For Haynes International
The U.K. antitrust watchdog said Thursday that it has waved through the planned $798 million takeover by stainless steel manufacturer Acerinox of Haynes International, which makes alloys, during the initial phase of its probe.
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October 23, 2024
Roche CEO Says Novo-Catalent Deal Should Be Blocked
The CEO of Swiss pharmaceutical company Roche injected himself into the controversy surrounding Novo Holdings' planned $16.5 billion acquisition of Catalent on Wednesday, stating that he thinks antitrust authorities should block the deal due to its anticompetitive implications.
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October 23, 2024
Ex-Business Partners Deny Deceiving Investors For £12M
Two former business partners have denied deceiving investors about how much money was required to set up a specialist bank and said the investment company suing the lender was prepared to invest regardless.
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October 23, 2024
Frasers Scraps Mulberry Bid, Raises Governance Concerns
Frasers Group said Wednesday it has abandoned its plans to bid £111 million ($143.4 million) for luxury British brand Mulberry Group PLC, with the U.K. retail giant citing concerns over how the handbag maker is run.
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October 23, 2024
CityFleet To Buy Linklaters-Led Addison Lee For £269M
U.K. transportation company CityFleet Networks Ltd. said Wednesday that it will acquire London private hire cab and courier giant Addison Lee Ltd. for £269.1 million ($348.4 million) to expand in the premium mobility market.
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October 23, 2024
Aviva Deal 'Rescues' Pension Plan From Lifeboat Scheme
Pensions consultant BESTrustees said it has managed to secure the benefits for 59 members of a client that went under liquidation almost a decade ago in a £6 million ($7.7 million) deal with insurance heavyweight Aviva.
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October 23, 2024
Norwegian Tech Company Atea Kicks Off $11M Share Buyback
Atea ASA on Wednesday rolled out a share repurchase program worth up to 120 million Norwegian kroner ($10.9 million), as the tech infrastructure supplier reported increased revenue in its hardware and software divisions.
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October 23, 2024
Franchise Brands Considers Moving To LSE's Main Market
Franchise Brands PLC said Wednesday that it is considering moving its listing to the main market of the London Stock Exchange from the Alternative Investment Market because of its "scale and growth ambitions."
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October 23, 2024
UK Launches Formal Probe Into £3.3B Carlsberg/Britvic Deal
The Competition and Markets Authority said Wednesday it has launched a formal investigation into the proposed £3.3 billion ($4.3 billion) takeover by Danish brewer Carlsberg AS of U.K. soft drinks maker Britvic PLC, setting a Dec. 18 deadline for its phase-one decision.
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October 23, 2024
UK Investor Patria Private Equity Sells Portfolio For £180M
Patria Private Equity Trust PLC said Wednesday it has completed the sale of 14 fund investments for approximately £180 million ($234 million) as the investor looks to boost its balance sheet and refocus its portfolio.
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October 22, 2024
Royal Mail Unit To Buy 20% Of Greek Peer For €74M
Dutch parcel delivery service General Logistics Systems BV, a subsidiary of Royal Mail owner International Distribution Services PLC, has agreed to acquire 20% of the shares of Greece's largest parcel carrier ACS from Quest Holdings SA for €74 million ($80 million).
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October 22, 2024
Tesco Kicks Off 3rd Phase Of £1B Share Buyback
Tesco PLC said Tuesday that it has launched the third slice of a share buyback worth up to £1 billion ($1.3 billion) as the U.K. retail giant looks to further scale back its outstanding share capital.
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October 22, 2024
UK Probes Iberdrola's €5B Electric Power Co. Deal
Britain's antitrust authority said Tuesday that it has decided to investigate Spanish utility company Iberdrola's proposed acquisition of an 88% stake in Electricity North West to examine whether it could weaken competition in U.K. markets.
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October 22, 2024
Bird & Bird Hires M&A Pro In Milan From A&O
Bird & Bird LLP has added an experienced M&A and private equity expert as a partner to its main office in Milan, as part of the law firm's long-term strategy to bolster its global corporate platform.
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October 22, 2024
Mulberry Says Frasers' £111M Bid Is 'Untenable'
Luxury brand Mulberry Group PLC said Tuesday that the unsolicited £111 million ($144 million) proposed takeover bid from Frasers Group disclosed earlier in October was "untenable" and indicated that it would not like to be distracted by further takeover attempts.
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October 22, 2024
Energy Firm Drax Unveils 2nd £75M Part Of Share Buyback
Drax Group PLC said Tuesday that it will launch a share buyback program worth up to £75 million ($97 million) as the second part of its two-year £300 million share repurchase, aimed at lowering its outstanding share capital.
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October 22, 2024
Kirkland Guides Wendel's $1.13B Bid For Monroe Capital Stake
French investor Wendel Group said Tuesday that it will take an initial 75% stake in U.S. asset manager Monroe Capital LLC for $1.13 billion to expand its private credit services as demand surges.
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October 22, 2024
Material Tech Co. HeiQ To Quit London Listing, Cut Costs
HeiQ PLC said Tuesday it has decided to cancel its share listing on the London Stock Exchange, as the U.K. textile technology company looks to cut costs and streamline operations amid a fall in demand for its goods.
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October 21, 2024
Amex To Take Over Swisscard Joint Venture From UBS
UBS Switzerland AG on Monday said American Express has agreed to take over its 50% stake in credit card provider Swisscard, getting control of the former Credit Suisse joint venture as the credit card giant looks to expand its business in Switzerland.
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October 21, 2024
Kirkland Hires 2 Structured Finance Attys In NY, London
Kirkland & Ellis LLP is continuing the build-out of its structured finance and private credit practice, announcing on Saturday the lateral hiring of two partners in New York and London.
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October 21, 2024
Billionaire Fights PE Giant Over Software Co. Stakes
An Irish venture capitalist has accused a unit of a major private equity firm of stopping him from forcing it out of its stake in a major management software company to make him buy them out at a premium, in documents disclosed at a London court hearing.
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October 21, 2024
CMA Probes German Print Biz's $325M Buy Of US Rival
Britain's antitrust regulator said Monday that it is investigating printing chemicals maker XSYS Germany GmbH's approximately $325 million proposed acquisition of MacDermid Graphics Solutions from U.S. specialty chemicals production company Element Solutions Inc.
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October 21, 2024
Catalent CEO Defends Novo Deal, Will Stay On After Buyout
Catalent CEO Alessandro Maselli told the medical company's customers Monday that Catalent will continue to support them following its planned $16.5 billion sale to Novo Holdings, seeking to assure clientele after Sen. Elizabeth Warren and advocacy groups pressured the Federal Trade Commission to scrutinize and potentially block the deal.
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October 21, 2024
Slaughter & May-Led Investor To Sell Logistics Co. For $760M
Bermuda investment holding company Ocean Wilsons said Monday its subsidiary has agreed to sell its majority stake in a maritime logistics company to a unit of container shipper giant MSC for 4.352 billion Brazilian real ($760 million).
Expert Analysis
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4 Ways M&A Deals Are Changing
There are signs that the market may be cooling, but recent trends in M&A transactions reflect more than just market strength and indicate that there has been a more general change in deal approach, say attorneys at DLA Piper.
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Opinion
Law School Admissions Shouldn't Hinge On Test Scores
The American Bar Association recently granted law schools some latitude on which tests it can consider in admissions decisions, but its continued emphasis on test scores harms student diversity and is an obstacle to holistic admissions strategies, says Aaron Taylor at AccessLex.
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How Market Challenges Are Affecting Deal-Making Trends
As private equity investors adjust to a new period of volatility and uncertainty in the marketplace, various trends in deal making are emerging in order to bridge valuation gaps and address financing concerns, say Alvaro Membrillera and Anna Pollak at Paul Weiss.
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What Digital Asset Decisions Mean For Future Disputes
Following a number of recent landmark decisions in the English courts, the law continues to develop in the sphere of digital assets, and several themes are emerging that will benefit both individuals and organizations, say Chris Recker at Duane Morris and Celso De Azevedo at The 36 Group.
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A Look At UK's 1st Report On Security Regime For Deals
The U.K. government’s recent report on the National Security and Investment Act, covering its first three months since it came into force in January, suggests that the regime may not be leading to a surge in benign notifications and that the government is responding quickly, which is good news for businesses, say attorneys at Cooley.
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What EU Changes To Dual Distribution Mean For Franchises
Following the European Commission’s adoption of the Vertical Block Exemption Regulation and accompanying vertical guidelines regarding dual distribution, which took effect this month, franchisors should examine their flow of information to and from franchisees to determine whether it must be restricted, say attorneys at Baker McKenzie.
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How ESG Matters Are Influencing M&A Due Diligence Trends
With a proliferation of environmental, social and governance-related regulatory developments and a desire to comply with best practice, ESG matters have become an increasingly important area of focus for both clients and advisers in M&A transactions, say attorneys at Sullivan & Cromwell.
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Changes To UK Competition Rules Will Extend CMA Powers
Recent amendments to U.K. competition and consumer law regimes introduce changes to merger control and antitrust investigations that will result in the speedier resolution of cases and greater autonomy for the Competition and Markets Authority, say Bill Batchelor and Aurora Luoma at Skadden.