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dealReporter Risk Arbitrage Weekly Overview 15 July 2010 - 22 July 2010

Deal Reporter
23/07/2010
  • Nippon Telegraph and Telephone Corporation on Thursday 15 July announced a recommended 120p per share offer for South African and UK-listed Dimension Data. Dimension Data is headquartered in Johannesburg but incorporated in the UK and has its primary listing on the LSE. The offer values the company on an undiluted basis at GBP 2.05bn. This represents an 18% premium to the close on the last day previous to the announcement. It represents a 30% premium over the 6 months average closing price and a 50% premium over the 12 month average.
  • Seadrill on 15 July announced it has received valid acceptances accounting for 84% of all issued shares in Scorpion Offshore in relation to its mandatory offer on the company. Seadrill also said it would settle the NOK 40.5 offer on Wednesday 21 July. The company said target shareholders Kistefos Investment and Christen Sveeas had accepted Seadrill’s offer, as had Gyljandi. The offer was recommended to its shareholders by the Board of Scorpion on Friday last week.
  • The Portugese securities and markets regulator CNMV announced on Friday that it had admitted the Banco Guipuzcoano / Banco de Sabadell SA deal for consideration after additional information had been provided, which implies authorisation of the deal between the two Spanish banks.
  • Chloride Friday issued its management statement as from April 1, onwards as well as the scheme document for the Chloride / Emerson combination.
  • The offer made by Honeywell to Sperian has been cleared by the U.S. Federal Trade Commison.
  • The end of last week also saw the expected deal targeting Candover Investments Plc lapse when the company announced it had terminated talks with the potential bidder.
  • The beginning of the week saw the announcement three new expected deals. Onex and the Canadian Pension Plan Investment Board were revealed to be in advanced stage due diligence on the UK’s Tomkins Plc. The bid consortium had been granted access to due diligence on the basis of an idicative 325p per share offer, which sets the implied equity value of the company at approx GBP 2.9 bn.
  • The same morning it was confirmed that International Power was in talk with GDF Suez regarding a reverse takeover of International Power that would leave GDF Suez as its majority owner.
  • In Italy the two Banks Veneto Banca scpa and Banca Intermobiliare di Investimenti e Gestioni SpA announced they were due to combine with Veneto stating they expected the public offer in the first few months of the coming year.
  • Wednesday saw another multi billion pound UK deal emerge as SSL International stated it had accepted an offer from Reckitt Benckiser. Reckit Bensicker’s offer at 1163 pence per share also entitles SSL Shareholders to a final dividend of 8 pence per share. This offer implies an equity value of the target company of GBP 2.54bn. The offer represents a premium of 32.8% compared to the closing price of the target previous to the bid announcement. It further represent a premium of 39.3% over a one month period average at close and a 44.7% premium for a six month average closing price.
  • Meanwhile BAA, AA and Iberia yesterday obtained clearance for join business regarding transatlantic flights.
    • application/pdf iconPress Release 22 July 2010.pdf
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