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M&A deal data.(Company overview)

Publication: Acquisitions Monthly
Publication Date: 01-APR-08
Format: Online
Delivery: Immediate Online Access

Article Excerpt
This country analysis included acquisitions and buyouts announced between 16 February 2008 and 19 March 2008.



Benelux Target Bidder 2waytraff lic NV (NT)--Provide Sony Corp (JP)--Special web-based content services purpose acquirer...

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...vehicle Sales (US$): 38.70m Sales (US$): n/a Net Profits (US$): 3.85m Announcement date: 13-Mar-08 Value (US$): 286.01 m Details: 2JS Productions BV (2P), a new company formed for the purpose of making an acquisition, and a wholly-owned unit of the Sony Pictures Entertainment Inc subsidiary of Sony Corp of America's (SC) Sony Software Corp unit, agreed to launch a tender offer to acquire the entire ordinary share capital of 2waytraffic NV (2N), a Hilversum-based provider of web-based entertainment content services, from Atharva Investments II BV and Grupo Contenidos (54%, and other undisclosed sellers, for 1.406 euros (US$2.19) in cash per share, or a total value of 183.674m euros (US$286.007m). SC was a unit of Sony Corp. 2P received irrevocable undertakings to accept the offer with respect to 59.1 % of 2N's entire ordinary share capital. Upon declaration of being wholly unconditional, 2P was to exercise its rights to compulsorily acquire all remaining shares not tendered pursuant to the offer and apply for the delisting of 2N shares from the London AIM Stock Exchange. The transaction was subject to regulatory approvals. ICOS Vision Systems Corp NV{ICOS} KLA-Tencor Corp (US) (SX)--Manufacture inspection equip --Manufacture semiconductors Sales (US$): 116.80m Sales (US$): 2,781.40m Net Profits (US$): 11.74m Announcement date: 21-Feb-08 Value (US$): 573.91 m Details: KLA-Tencor Corp of the US agreed to launch a tender offer to acquire the entire ordinary share capital of ICOS Vision Systems Corp NV (IV), a Leuven-based manufacturer of inspection equipment, for 36.5 euros (US$53.763) cash per share, or a total value of 389.624m euros (US$573.905m). The transaction was subject to regulatory approvals. The offer was conditioned upon at least 85% of IV's shares being tendered. ICTS Europe Holding BV (NT)-- Investor Group (GM)--Investor Provide aviation sec services group Sales (US$): n/a Sales (US$): n/a Net Profits (US$): n/a Announcement date: 28-Feb-08 Value (US$): 151.17m Details: An investor group, comprised of Deutsche Beteiligungs AG (DB) and DBAG Fund V, a unit of DB, agreed to acquire ICTS Europe Holding BV (ICTS), an Amsterdam-based provider of aviation security services, from 70.3% German state-owned Fraport AG (FA), for 100m euros (US$151.172m), in a leveraged buyout transaction. Originally, in August 2007, FA was rumored to be seeking a buyer for ICTS. France Target Bidder Banque de Savoie (FR)--Provide Banque Populaire SA (FR)--Bank lending depository services (non-US) Sales (US$): 86.90m Sales (US$): n/a Net Profits (US$): 18.17m Announcement date: 29-Feb-08 Value (US$): 3,188.10m Details: Banque Federale des Banques Populaires SA (BF), a unit of Banque Populaire SA, planned to acquire the entire ordinary share capital of Banque de Savoie, a Chambery-based provider of lending depository services, from Credit Commercial de France SA {CCF}, a unit of HSBC Holdings PLC. Concurrently, BF planned to acquire Banque Marze, Banque Dupuy de Parseval, Banque Pelletier, Credit Commercial du Sud-Quest and Banque Chaix. The transaction was to include Societe Marseillaise de Credit. The six transactions were to have a combined value of 2.1 bn euros (US$3.188bn) in cash. Originally, In February 2008, HH was rumored to be seeking a buyer for its French regional banks. Clinique de l'Orangerie (FR)-- Vitalia (FR)--Own, operate Own, operate hospital hospitals Sales (US$): n/a Sales (US$): n/a Net Profits (US$): n/a Announcement date: 10-Mar-08 Value (US$): 62.92m Details: Vitalia acquired Clinique de l'Orangerie, a Strasbourg-based owner and operator of hospitals, for 41 m euros (US$62.922m). Consort NT SA (FR) 9S.S%--Provide Consort Group (FR)--Special IT consulting services purpose acquirer vehicle Sales (US$): 52.00m Sales (US$): n/a Net Profits (US$): 2.28m Announcement date: 03-Mar-08 Value (US$): 44.74m Details: Consort Group, an SPV formed by Consort NT SA's (CN) President Mr. Jason Guez, CEO Mr. Marc Adler, Naxicap Partners SA and Axa Private Equity, acquired a 95.5% interest, or 2.102m ordinary shares, in CN, a Neuilly Sur Seine-based provider of IT consulting services, for 14 euros (US$21.283) in cash per share, or a total value of 29.427m euros (US$44.736m), in a leveraged buyout transaction. Doctissimo SA (FR) 53.4%--Publish Lagardere SCA (FR)--Publish healthcare websites women's magazines Sales (US$): 11.40m Sales (US$): n/a Net Profits (US$): 0.10m Announcement date: 22-Feb-08 Value (US$): 107.39m Details: Lagardere Active (LA), a unit of Lagardere SCA (LS), agreed to acquire a 53.38% interest, or 2.374m ordinary shares, in Doctissimo SA (DS), a Paris-based publisher of healthcare websites, for 30.5 euros (US$44.926) per share, or a total value of 72.401m euros (US$106.645m). Concurrently, LA planned to acquire the remaining 46.62% stake, or 2.073m ordinary shares, which it did not already own, in DS. Originally, LS was rumored to be planning to acquire DS. Genesys SA (FR)--Provide West Corp (FR)--Special teleconferencing services purpose acquirer vehicle Sales (US$): 194.00m Sales (US$): n/a Net Profits (US$): 11.60m Announcement date: 19-Feb-08 Value (US$): 256.39m Details: West International Holdings Ltd of the US, a new company formed by West Corp for the purpose of making an offer for Genesys SA, a Montpellier-based provider of teleconferencing services, for 2.5 euros (US$3.669), in cash per share, or a total value of 174.707m euros (US$256.394m). The offer was conditioned upon 66.66% of the shares being tendered. The transaction was subject to regulatory approvals. Logix SA (FR)--Develop Arrow Electronics Inc (US)-- e-business software Wholesale electronic products Sales (US$): n/a Sales (US$): 15,985.00m Net Profits (US$): n/a Announcement date: 19-Feb-08 Value (US$): 180.18m Details: Arrow Electronics Inc of the US definitively agreed to acquire the entire share capital of Logix SA, a Courbevoie-based developer of e-business infrastructure software, from Groupe Open SA, for 120m euros (US$180.18m). The transaction was subject to regulatory approval. Media Express (FR)--Provide La Poste (FR)--Provide newspaper delivery services newspaper delivery services Sales (US$): n/a Sales (US$): n/a Net Profits (US$): n/a Announcement date: 04-Mar-08 Value (US$): 60.81 m Details: Neopress, a unit of French state-owned La Poste acquired Media Express, a provider of newspaper delivery services, for 40m euros (US$60.809m). Germany Target Bidder Allgeier DL GmbH (GM)--Provide USG People NV (NT)-- staffing services Employment agency Sales (US$): n/a Sales (US$): 5,676.30m Net Profits (US$): n/a Announcement date: 21-Feb-08 Value (US$): 257.77m Details: USG People NV of the Netherlands agreed to acquire Allgeier DL GmbH, a Munich-based provider of staffing services, from Allgeier Holding AG, for 175m euros (US$257.77m) in cash. Borsig Beteiligungsverwaltungs KNM Group Bhd (MA)-- geselischaft mbH {Borsig Bbetv} Manufacture process equipment (GM)--Manufacture heat exchangers Sales (US$): n/a Sales (US$): n/a Net Profits (US$): n/a Announcement date: 03-Mar-O8 Value (US$): 532.08m Details: KNM Process Systems Sdn Bhd of Malaysia, a unit of KNM Group Bhd, agreed to acquire the entire share capital of Borsig Beteiligungsverwaltungsgesell schaft mbH, a Berlin-based manufacturer of heat exchangers, waste heat recovery equipment, compressors, blowers, thermal water treatment plants and steam generators, for 350m euros (M$1.697bn/US$532.077m) in cash. The transaction was subject to regulatory approvals. SAUERESSIG GmbH & Co KG (GM) 75.0% Matthews International Corp (US) --Manufacture industrial molds --Manufacture, wholesale memorial Sales (US$): 131.40m Sales (US$): 756.30m Net Profits (US$): n/a Announcement date: 25-Feb-08 Value (US$): 112.71m Details: Matthews International Corp of the US planned to acquire a 78% interest in SAUERESSIG GmbH & Co KG, a Vreden-based manufacturer of industrial mold, for an estimated 76m euros (US$112.709m). The transaction was subject to regulatory approval. klickTel AG (GM) 78.6%--Provide Silver SPA (IT)--Provide directory enquiry services directory inquiry services Sales (US$)--21.10m Sales (US$): 252.10m Net Profits (US$): -7.10m Announcement date: 19-Feb-08 Value (US$): 36.82m Details: telegate AG, a unit of Silver SpAs SEAT Pagine Gialle SpA subsidiary, agreed to acquire a 78.6% interest, or 1.301m ordinary shares, in KlickTel AG, an Essen-based provider of directory enquiry services, for an estimated 25m euros (US$36.824m) in cash. The transaction was subject to regulatory approval. Italy Target Bidder Fila Europe SpA (IT)--Manufacture, Investor Group (UK)--Investor wholesale athletic footwear group Sales (US$): n/a Sales (US$): n/a Net Profits (US$): n/a Announcement date: 05-Mar-08 Value (US$): 152.77m Details: An investor group, comprised of Mr. Ravij Batra (RV), Rajesh Batra (RJ) and Barclays Ventures Ltd (BV), a unit of Barclays PLC, planned to acquire Fila Europe SpA (FI), aman- based manufacturer and wholesaler of athletic footwear and apparel, from Sports Brands International LLC, a unit of Cerberus Partners LP for an estimated 100m euros (US$152.765m) in cash, in a leveraged buyout transaction. The transaction was subject to regulatory approval. Upon completion, RV and RJ were to own 60% and BV was to own 40% in FI. Patrimonio Uffici-Real Estate Undisclosed acquirer Property (IT)--Own, operate --Unknown Real estate property Sales (US$): n/a Sales (US$): n/a Net Profits (US$): n/a Announcement date: 11-Mar-08 Value (US$): 153.42m Details: Patrimonio Uffici, a real estate investment firm, divested a real estate property in Milan, to an undisclosed acquirer, for 100m euros (US$153.421m). Nordic region Target Bidder CS Richard Ellis Cederholm A/S CB Richard Ellis Group Inc (DN)--Provide re services (US)--Provide re services Sales (US$): 16.90m Sales (US$): 6,034.20m Net Profits (US$): 6.74m Announcement date: 19-Feb-08 Value (US$): 43.00m Details: CB Richard Ellis Group Inc of the US acquired CB Richard Ellis Cederholm A/S, a Copenhagen-based provider of real estate services, for an estimated DKr217.584m (US$43m). Ericsson AB-PBX Solutions Business Aastra Technologies Ltd (CA)-- (SW)--Telecom, defense system Manufacture telecommun equipment Sales (US$): n/a Sales (US$): 608.00m Net Profits (US$): n/a Announcement date: 18-Feb-08 Value (US$): 102.69m Details: Aastra Technologies Ltd of Canada agreed to acquire the PBX solutions business of Telefonaktiebolaget LM Ericsson, a Stockholm-based manufacturer of telecommunications and defense systems, for Skr650m (C$103.569m/US$102.686m). The transaction was subject to regulatory approvals. Fabric Scandinavien AB (SW) 60.0% Hennes & Mauritz AB (SW)--Own, --Manufacture, wholesale, retail operate retail clothing stores jeans Sales (US$): n/a Sales (US$): 12,258.60m Net Profits (US$): n/a Announcement date: 06-Mar-08 Value (US$): 92.24m Details: Hennes & Mauritz AB agreed to acquire a 60% interest in Fabric Scandinavien AB, a Gothenburg-based manufacturer, wholesaler, and retailer of jeans, for SKr564m (US$92.241m; in cash, from Adam friberg, Lars Katlsson, Orjan Andersson, and Linda Friberg. The transaction was subject to regulatory approvals. House of Prince A/S (DN) British American Tobacco PLC (UK) --Manufacture cigarettes --Manufacture, wholesale cigarettes, tobacco Sales (US$): 546.40m Sales (US$): 19,896.80m Net Profits (US$): 190.68m Announcement date: 28-Feb-08 Value (US$): 4,144.96m Details: British American Tobacco PLC (BA) of the UK planned to acquire the entire share capital of House of Prince A/S, a Soborg- based manufacturer of cigarettes, from Skandinavisk Tobakskompagni A/S (ST), a unit of Skandinavisk Holding A/S (SH). Concurrently, BA planned to acquire the entire share capital of JL Tiedemanns Tobaksfabrik AS of Norway and Fiedler & Lundgren AB of Sweden, from ST The three transactions were to have a combined value of DKr20.331bn (2.084bn pounds/US$4.145bn). BA offered DKr11.384bn (1.167bn pounds/ US$2.321bn) in cash and its 32.35% stake in ST, valued at DKrB.947bn (917.12m pounds/US$1.824bn), and were subject to regulatory approval. JB Ugland Shipping AS Sterling Infotech Group (NO)--Shipping company (IN)--Invest company Sales (US$): n/a Sales (US$): n/a Net Profits (US$): n/a Announcement date: 20-Feb-08 Value (US$): 302.40m Details: Siva Ventures Ltd of India, a wholly-owned unit of Sterling Infotech Group, acquired JB Ugland Shipping AS, an Oslo-based shipping company, from JB Ugland Investments AS, a unit of JB Ugland Holding AS, for NKrl.612bn (Rs12bn/US$302.4m). Nord Pool Clearing ASA (NO)-- Nasdaq Stock Market Inc Provide clearing services (US)--Securities bkrg firm Sales (US$): n/a Sales (US$): 594.30m Net Profits (US$): n/a Announcement date: 22-Feb-08 Value (US$): 553.48m Details: OMX AB (OA) of Sweden agreed to acquire Nord Pool Clearing ASA, an Oslo-based provider of clearing services, from Nord Pool ASA. Concurrently, OA agreed to acquire Nord Pool Consulting AS and Nord Pool International. The three transactions were to have a combined value of NKr2.95bn (SWr3.499bn/US$553.482m). The consideration was to consist of NKr2.15bn (NKr2.55bn/US$403.385m) in cash and up to NKr800m (NKr948.869m/US$150.097m) in profit related payments. Norsk Hydro ASA (NO)--Oil, Bilfinger Berger AG (GM)-- gas exploration, production Provide industrial services Sales (US$): 368.00m Sales (US$): 1,715.90m Net Profits (US$): n/a Announcement date: 19-Feb-08 Value (US$): 148.68m Details: Bilfinger Berger Industrial Services AG of Germany, a unit of Bilfinger Berger AG, agreed to acquire the production partner and production services units of Norsk Hydro ASA, an Oslo-based oil and gas exploration and production company, for an estimated NKr800m (101.312m euros/US$148.682m). The transaction was to include Hydro Production Partner and Hydro Production Services and their Norwegian operations, located in Grenland, Rjukan, Karmoy, Hoyanger, Ardal, Sunndal and Glomfjord, as well as Stenungsund in Sweden and Neuss in Germany. The transaction was subject to regulatory approvals. Papyrus AS (SW)--Manufacture, Altor Equity Partners AS wholesale paper, lumber products (SW)--Private equity fund Sales (US$): 2,928.90m Sales (US$): n/a Net Profits (US$): n/a Announcement date: 06-Mar-08 Value (US$): 977.70m Details: Altor Fund II AB, a unit of Altor Equity Partners AB, agreed to acquire Papyrus AB, a Moelndal-based manufacturer and wholesaler of paper and other lumber products, for SKr5.978bn (US$977.696m), from Stora Enso Oyj, in a leveraged buyout transaction. The consideration was to consist of SKr4.577bn (US$748.549m) in cash, the assumption of SKr868.684m (US$142.072m) in liabilities and SKr532.419m (US$87.076m) in vendor notes. The transaction was subject to regulatory approvals. The transaction was to include brands Classen-Papier, Sihl + Eika and Schneidersohne. XPonCard Group AS (SW)-- Francois-Charles Oberthur Manufacture plastic cards (FR)--Manufacture smart cards Sales (US$): 1,109.40m Sales (US$): 691.50m Net Profits (US$): 10.50m Announcement date: 19-Feb-08 Value (US$): 111.43m Details: Oberthur Technologies SA (OT) of France, a majority-owned unit of Francois-Charles Oberthur Group, agreed to launch a tender offer to acquire the entire ordinary share capital of XPonCard Group AB (XP), a Stockholm-based manufacturer of plastic cards, for SKr157 (16.861 euros/US$24.835) in cash per share, or a total value of SKr704.441m (75.651m euros/US$111.432m). OT received irrevocable undertakings to accept the offer with respect to 50.7% of the company's ordinary share capital. The offer was conditioned upon at least 80% of shares being tendered. The transaction was subject to regulatory approvals. Spain Target Bidder Arenor Aridos SLU (SP) 75.0%-- Cimpor Cimentos de Portugal Stone mining company (PO)--Stone mining company Sales (US$): n/a Sales (US$): n/a Net Profits (US$): n/a Announcement date: 03-Mar-08 Value (US$): 37.17m Details: Occidental de Aridos SL (OA), a unit of Cimpor Cimentos de Portugal SGPS SA's (CC), acquired a 75% interest in Arenor Aridos SLU (AA), a stone mining company, for 24.45m [euro] (US$37.169m). Concurrently, OA was granted an option to acquire the remaining 25% stake, which it did not already own, in AA. Additionally, an investor group, comprised of Hormigones Hercules SL, a unit of CC's Hormigones Mino SL subsidiary, and Occidental de Hormigones SL, a unit of CC, acquired the entire share capital of Arenor Hormigones SLU and three undisclosed ready mix concrete units. Clinica Unimed Cascais (PO)--Own, Jose de Mello Saude SGPS SA (PO)-- operate hospital Provide med, healthcare services Sales (US$): n/a Sales (US$): n/a Net Profits (US$): n/a Announcement date: 07-Mar-08 Value (US$): 36.06m Details: Jose de Mello Saude Lda, a wholy owned subsidiary of Jose de Mello Sauce SGPS SA, agreed to acquire Clinica Unimed Cascais, a Cascais-based owner and operator of hospitals from Sociedade Lusa de Negocios SGPS SA, for 23m euros (US$36.056m). Gamesa Solar (SP)--Manufacture First Reserve Corp (US)-- photovoltaic panels Private equity firm Sales (US$): n/a Sales (US$): n/a Net Profits (US$): n/a Announcement date: 28-Feb-08 Value (US$): 396.54m Details: First Reserve Corp of the US agreed to acquire Gamesa Solar, an Andalucia-based manufacturer of photovoltaic panels, from Gamesa Corp Tecnologica SA, for 261m euros (US$396.536m) in cash, in a leveraged buyout transaction. The transaction was subject to regulatory approval. Tecresa Cotalunya SI (SP)-- Mercor SA (PL)--Manufacture Fire protection company fire protection systems Sales (US$): n/a Sales (US$): 51.00m Net Profits (US$): n/a Announcement date: 21-Feb-08 Value (US$): 51.85m Details: Mercor SA acquired the entire share capital of Tecresa Cotalunya SL, a fire protection company, for an estimated 35.2m euros (US$51.848m), from Espiga Capital Inversiones SCR SA, Jose Antonio Monroy Genic, and Jose Luis Gil San Jose. The transaction was to include Tecresa Proteccion Pasiva SLU. Switzerland Target Bidder Medisize Medical (SZ)--Manufacture Ratos AS (SW)--Manufacture, med tech developer drug delivery system Sales (US$): n/a Sales (US$): n/a Net Profits (US$): n/a Announcement date: 28-Feb-08 Value (US$): 98.51m Details: Medifiq Healthcare, a unit of Ratos AB, agreed to acquire Medisize Medical, a Vantaa-based manufacturer and developer of drug delivery systems, disease management devices, point-of-care diagnostics devices, and supplies for a wide area of applications for healthcare professionals, for SFr104.733m (65.163m euros/ US$98.508m). The transaction was subject to regulatory approvals. New Bids for UK Public Companies Target Bidder Chelford Group PLC--Develop Marlin Equity Partners LLC specialist system solution (US)--Special purpose acquisition vehicle Financial Adviser: KPMG Corporate Finance Financial Adviser: Strata Partners LLC ECM Adviser: -- ECM Adviser: -- Target Lawyer: -- Bidder Lawyer: Gibson Year End Dunn & Crutcher 31-Dec-06 Year End Sales 18.60m [pounds sterling] Sales n/a EPS(p) 0.0 EPS(p) Net Assets/Shares(p) Net Assets/Shares(p) 1.5 Price Before Bid (p) 1 month/day Announcement date 1.6/1.7 06-Mar-08 Premium 1 month/day Bid Price (p) 34.38/24.64 2 Multiple of na Value ([pounds sterling]) 1.4 16.10m [pounds sterling] P/E 206.70 Comment: Solarsoft Acquisition Ltd (SA), a new company formed by Marlin Equity Partners LLC for the purpose of making an acquisition, launched a tender offer to acquire the entire ordinary share capital of Chelford Group PLC (CG), a Basingstoke-based developer of specialist system solution, for 2.15 pounds (US$4.284) in cash per share, or a total value of 16.097m [pounds sterling] (US$32.073m), in a leveraged buyout transaction. SA received irrevocable undertakings to accept the offer with respect to 62.7% of the company's ordinary share capital. Upon declaration of being wholly unconditional, SA was to exercise its rights to compulsorily acquire the remaining shares pursuant to the offer and apply for the delisting of CG shares in the London AIM Stock Exchange. The transaction was subject to regulatory approvals. ComputerLand UK PLC--Provide Capita Group PLC (UK)--Provide info tech services management support services Financial Adviser: Charles Stanley Financial Adviser: Landsbanki Islands ECM Adviser: -- ECM Adviser: -- Target Lawyer: -- Bidder Lawyer: -- Year End 30-Apr-07 Year End 31-Dec-07 Sales 67.00m [pounds sterling] Sales 2,073.30m [pounds sterling] EPS(p) 0.2 EPS(p) Net Assets/Shares(p) Net Assets/Shares(p) 0.5 Price Before Bid (p) 1 month/day Announcement date n/a/n/a 11-Mar-08 Premium 1 month/day Bid Price (p) n/a/n/a 3 Multiple of na Value ([pounds sterling]) 5.7 27.60m [pounds sterling] P/E 16.20 Comment: Capita Group PLC (CG) agreed to launch a tender offer to acquire the entire ordinary share capital of ComputerLand UK PLC (CU, a Nottingham-based provider of information technology services, for 2.7 [pounds sterling] (US$5.419) in cash per share, or a total value of 27.582m pounds (US$55.357m). CG received irrevocable undertakings to accept the offer with respect to 43.9% of CL's entire share capital. Upon declaration of being wholly unconditional, CG was to exercise its rights to compulsorily acquire all remaining shares not tendered pursuant to the offer and apply for the delisting of CL shares from the London Stock Exchange. The transaction was subject to regulatory approval. Dev Property Development PLC-- Indiabulis Real Estate Ltd (IN) Real estate developement firm --Real estate developement firm Financial Adviser: Numis Financial Adviser: Merrill Lynch ECM Adviser: -- ECM Adviser: -- Target Lawyer: -- Bidder Lawyer: Slaughter & May/ Cains Amarchand & Mangaldas & Suresh A Shroff/ Year End 31-Mar-07 Year End 31-Mar-07 Sales n/a Sales 139.10m [pounds sterling] EPS(p) n/a EPS(p) Net Assets/Shares(p) Net Assets/Shares(p) n/a Price Before Bid (p) 1 month/day Announcement date 0.8/0.8 28-Feb-08 Premium 1 month/day Bid Price (p) n/a/n/a n/a Multiple of na Value ([pounds sterling]) n/a 138.70m [pounds sterling] P/E np Comment: Indiabulls Real Estate Ltd (IR) of India agreed to launch a tender offer to acquire the entire ordinary share capital of Dev Property Development PLC (DP), a Douglas-based real estate development firm, in a stock swap transaction valued at 138.741m [pounds sterling] (Rs10.912bn/US$274.915m), via a scheme of arrangement. IR offered 0.121 new ordinary shares per DP share. Based on IRs closing stock price of 8.315 pounds (Rs654/US$16.476), on February 27, each DP share was valued at 1.005 [pounds sterling] (Rs79.046/US$1.991). Upon effectivity of the scheme, IR was to apply for the delisting of DP in the London Stock Exchange. The transaction was subject to regulatory and shareholders' approvals. Granby Oil & Gas PLC--Oil, Silverstone (UK)--Oil, gas gas exploration, production explorationoration, production Financial Adviser: Tristone Financial Adviser: Royal Capital Advisors Inc/ Bank of Canada KBC Peel Hunt Ltd ECM Adviser: -- ECM Adviser: -- Bidder Lawyer: -- Target Lawyer: -- Year End Year End 17-Mar-08 Sales Sales n/a n/a EPS(p) EPS(p) n/a Net Assets/Shares(p) Net Assets/Shares(p) n/a Price Before Bid (p) 1 month/day 0.7/0.5 Announcement date 18-Mar-08 Premium 1 month/day -5.22/30.93 Bid Price (p) 1 23.10m Multiple of na n/a Value ([pounds sterling]) 0.7/0.5 P/E np Comment: Silverstone (SS) agreed to launch a tender offer to acquire the entire ordinary share capital of Granby Oil & Gas PLC (GO), a London-based oil and gas exploration and production company, for 0.635 [pounds...

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