0 Have your say Provident Financial suitor Non-Standard Finance has said it has secured commitments for its £1.3 billion hostile takeover representing just over half of shares in the doorstep lender. Non-Standard said it has acceptances for 50.7% of Provident’s shares, although this includes the previously announced support from Woodford Investment Management, Invesco Asset Management and Marathon Asset Management, who together hold a 49% stake in Provident.The acceptance condition for the offer is currently not less than 90%, but Non-Standard Finance (NFS) can vary the level and said further announcements on this will be made in due course.NSF chief executive John van Kuffeler said: “We are delighted to have received acceptances for a majority of Provident’s shares.“This represents a clear validation of the experienced NSF management team and of our transformation plan to unlock substantial value for shareholders, as well as … [Read more...] about Provident Financial’s suitor wins more than 50 per cent support for hostile takeover
How hostile takeover
By Danielle Bochove and Ed Hammond Bloomberg Tues., March 5, 2019 After more than a week of tough talk firing back and forth, the leaders of the two biggest gold producers are finally coming to the table. Newmont Mining Corp. chief executive officer Gary Goldberg said he will be meeting with Barrick Gold Corp.’s Mark Bristow later Tuesday in New York to talk through their differences. However, he said in a Bloomberg TV interview that he won’t be discussing Barrick’s bid for his company, but rather Newmont’s proposal for a joint venture around the two companies’ assets in Nevada. Goldberg said he heard from Bristow earlier and that “I’m looking forward to catching up with him later today here in New York. This will be the discussion on the joint venture with what we proposed yesterday.’’ Barrick spokeswoman Kathy du Plessis didn’t immediately have a comment. In the past week, leaders at the two companies … [Read more...] about Newmont-Barrick battle puts the ‘hostile’ in hostile takeover
Gannett’s board of directors said Monday that it had rejected a $1.36 billion buyout bid from Digital First Media, questioning the would-be buyer’s motives and accusing it of trying to conceal the company’s “inability to finance and complete” the deal. "After careful review and consideration, conducted in consultation with its financial and legal advisers, the Gannett board concluded that MNG's unsolicited proposal undervalues Gannett and is not in the best interests of Gannett and its shareholders," the company said in a statement. "In addition, Gannett does not believe MNG's proposal is credible." Digital First, being re-branded as MNG Enterprises, quickly fired back, saying it had hired a Wall Street investment bank, Moelis & Co., to help finance the deal and was considering nominating new Gannett board members later this week. "MNG will consider its options in the coming days, including nominating a slate of individuals to the Gannett … [Read more...] about Gannett board rejects hostile takeover bid. But that may be just the start.
Ethel Jiang, provided by Published 10:26 am CST, Wednesday, February 6, 2019 AP Photo/Ted S. Warren Aphria on Wednesday said it has rejected Green Growth Brands' hostile-takeover bid. Green Growth Brands late last month said it filed an offer to acquire all Aphria outstanding common shares through an all-stock deal that would give Aphria shareholders 1.5714 common shares of Green Growth for each of their shares. Aphria said the proposal undervalued the company, reflecting a 23% discount to its average share price over the same period. Watch Aphria trade live. The Canadian cannabis producer Aphria was down 7% Wednesday after the company rejected Green Growth Brands' hostile-takeover bid. Green Growth, a US-based marijuana company, on January 23 offered to acquire all Aphria outstanding common shares through an all-stock deal. The offer would have given Aphria shareholders 1.5714 common shares of its stock for each Aphria share. Green Growth first announced its … [Read more...] about Cannabis producer Aphria just rejected Green Growth Brands’ $2 billion hostile-takeover bid (APHA)
Unions and experts have warned the purchase of Newsquest’s US parent company Gannett by a rival publisher “known for aggressively slashing staff” could lead to a “dangerous loss of local reporting”. Gannett is subject to a takeover bid launched earlier this month by MNG Enterprises, known as Digital First Media and owned by New York hedge fund Alden Global Capital.TimelineJanuary 31, 2019Facebook community news project officially launches with full list of 'under-served' locations for 82 reportersJanuary 28, 2019Newsquest launches new Bucks Free Press edition to cover areas abandoned through Reach title closuresJanuary 22, 2019Recruiting begins for first Facebook-funded community reporters with post covering Grenfell Tower fire borough But, dozens of jobs have already been cut at Gannett’s US newspapers just a week after the takeover bid was made public, with claims the redundancies were planned after poor fourth-quarter results.MNG has offered … [Read more...] about Takeover of Newsquest’s US owner could create ‘consolidation opportunity’ for regional publishers in UK, experts suggest