Panel issues TDG deadline
The UK Takeover Panel has said that rival bidders for transport group
The notice applies to activist hedge fund
Wincanton indicated it would make a cash offer at 290p a share, including a 8.75p declared dividend. However, the shares remain at 269.25p, valuing TDG at £219m (€276m). Wincanton said its offer could be lower after due diligence.
Laxey suggested its possible bid would be 275p less the 8.75p dividend. It had already completed due diligence.
JC Flowers supports HSH Nordbank
US private equity investor
A report has suggested that Flowers could put as much as €300m into its investment, which is still majority public owned as a Landesbank.
In total HSH wants to raise roughly €1.26bn from its shareholders, most of whom are public bodies.
Flowers will invest via convertibles which will turn into equity when the company eventually floats. This is not expected until next year. The firm currently has a 26.6% stake in HSH.
Flowers is also an investor in Dutch merchant bank NIBC, which failed to float two years ago and recently saw its €3bn sale to Kaupthing pulled.
Wendel targets German Mittelstand
French buyout firm
“In the German mid-sized market, there are a couple of companies of good quality that could be of interest to us,” Lienau said, adding this refers to companies with a value of up to €1.5bn.
Earlier this month, Wendel posted first-quarter turnover of €1.39bn, up 11.1% year-on-year, mainly due to the strong performance of its subsidiary
Sirius trousers Jeckerson
Italian sportswear brand
This is one of the first deals for Sirius Equity, which was founded earlier this year by Robert Bensoussan and Jim Sharp. Bensoussan spent six years at Jimmy Choo, transforming the shoe brand before its sale to Towerbrook. Previously he was chief executive of Christian Lacroix.
Apparently Stirling Square will have majority control of the company. Stirling acquired Italian security group Sicurglobal last month.
Interbanca and MPS Capital acted as joint debt underwriters on the Jeckerson deal financing. Jeckerson is famed for its men’s trousers found throughout Italy.
More consolidation is expected in the Italian fragmented fashion market (see feature, Permira plans further fashion buys on page 5).