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dealReporter Risk Arbitrage Weekly Overview 26 August 2010 - 03 September 2010

Deal Reporter
03/09/2010
  • Yesterday Spice said it is in advanced discussion regarding an offer of GBP 0.70 per share from Cinven with an additonal special dividend payment to Spice shareholders of GBP 1.22 per share. The Board intends to recommend this offer. All discussions with another potential offeror have been terminated. Spice has ended talks with another potential offeror having first said on Wednesday that it was in talks with a rival bidder.
  • Yesterday it was announced that the reduction in capital needed for the Scheme of arrangement between Chloride and Emerson Electric , via its subsiduary Rutherfurd Acquisitions Limited, has been sanctioned by the courts. On Tuesday Chloride said that the scheme of arrangement with Rutherfurd Acquisitions Limited, the vehicle for Emerson Electric was sanctioned by the High court. It is anticipated that the Scheme will become effective and Chloride’s shares cancelled on the 3rd of September.
  • On Tuesday Tomkins said its deal with Pinafore Acquisitions had gained the approval in the court meeting and over 90% approval in its general meeting. The deal remains subject to sanction by the courts and the reduction of capital as well as certain merger control clearances. The effective date is expected to be on the 24 September.
  • Dana revealed in its interim results on Friday a 274% increase in pre-tax profits and significant growth in reserves. It also reiterated its commitment to issuing a full response on September 8 including information on the value of its assets. KNOC responded later that day to acknowledge the publication of Dana's results an confirm that the new information did not alter its view on the value of the company. Consequently it did not intend to increase its offer taking the view that the current offer of GBP 18 per share adequately takes into account all relevant business programs and development including Dana’s track record of acquisitions.
  • Arriva announced on Friday that the scheme of arrangement between itself and Deutsche Bahn AG had become effective in accordance with its terms. Arriva shares were cancelled on the LSE on Tuesday 31 August.
  • Relevant South African regulatory approvals were Friday received on the Dimension Data / NTT deal. Previously the deal had been cleared by the EC and the foreign investment board. The waiting period under Hart Scott Rodino had also previously expired.
  • On Friday morning Piraeus made an announcement on the Athens Stock exchange that the offer for 77.31% of the Agricultural bank and 33.04% of the Hellenic PostBank S.A. was being reviewed by the Greek government. Furthermore Piraeus said it had appointed BofA Merrill Lynch, Goldman Sachs and UBS as financial advisers for the acquisition.
  • Also on Friday morning Finibanco announced that it had decided to recommend the EUR339 takeover offer by Montepio Geral. Despite the recommendation reservations about the price were expressed by the target’s board who claimed it failed to reflect the true value of synergies.
  • On Thursday last week Novartis announced that is had completed its acquisition of the 77% majority ownership in Alcon through its purchase of Nestlé's 52% stake in the company. As previously stated, Novartis still intends to offer to acquire the remaining 23% of Alcon currently held by minority shareholders. The full merger of the two companies would be conducted by under Swiss law at a fixed exchange rate of 2.8 Novartis share for each Alcon share held.
    • application/pdf iconPress Release 03 Sep 2010.pdf
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