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Tag: takeover

Flybe rescued by Virgin in cut-price takeover deal

Flybe rescued by Virgin in cut-price takeover deal

Business
A takeover has been agreed of the troubled regional airline Flybe in a £2.2m deal by a consortium led by Richard Branson's Virgin Atlantic. The move, previously revealed by Sky News' Mark Kleinman, offers just 1p per share, significantly less than the company's closing price of 16.38p on Thursday.Shares were 90% down on market opening, reflecting the massive markdown in the value of the company.The consortium, which includes Stobart Group and Cyrus Capital Partners, will form a new airline group.Flybe will combine with Stobart Airways in a joint venture called Connect Airways.Cyrus will own 40% of the new company, while Virgin and Stobart will each take a 30% share.Under the deal, the three firms will also provide a £20m bridge loan to Flybe and £80m of furt...
Murdoch's Fox increases Sky bid to £24.5bn in takeover battle

Murdoch's Fox increases Sky bid to £24.5bn in takeover battle

Business
Rupert Murdoch's 21st Century Fox has increased its offer for UK broadcaster Sky to £24.5bn, topping a previous offer from rival bidder Comcast.US media giant Comcast made a £22bn offer for Sky in February, trumping a previous offer from Fox, which valued Sky at £18.5bn.Fox is expecting to get regulatory approval from Britain this week for the deal.Fox said Sky's independent committee had agreed the deal.Fox has been trying to get approval from UK regulators since 2016 to buy the 61% of Sky it does not own already.The bid was held up by fears that it could give Mr Murdoch too much power over UK media.Fox has been trying to address those concerns through concessions, including selling Sky News to Disney once the deal is complete.In June, ...
Co-op in £15m takeover raid on Costcutter

Co-op in £15m takeover raid on Costcutter

Business
The Co-op‎ Group has made an audacious knockdown bid to take over Costcutter, one of Britain's biggest independent grocery retailers, amid an accelerating shake-up of the food industry. Sky News has learnt that the Co-op, which has been revived after nearly collapsing five years ago, approached Costcutter's owner, Bibby Line‎ Group, with a £15m offer several weeks ago.The bid was rejected, but Bibby Line is understood to have left the door open to further talks."The talks are not live, but could be again very soon," one source said on Saturday.Disclosure of the approach from the Co-op could pave the way for offers from other suitors, according to retail analysts. Image: Costcutter is one of Britain's biggest i...
French energy company ENGIE sidesteps takeover questions

French energy company ENGIE sidesteps takeover questions

Business
June 26 (UPI) -- French energy company ENGIE said Tuesday it was addressing a Portuguese request by saying it wasn't bidding for a regional renewable unit of EDPR. Bloomberg News, citing sources with knowledge of the issue, reported Monday that the French energy company was considering a takeover of the Portuguese segment of EDP Renovaveis with an eye on its U.S. portfolio. In a statement Tuesday, the French company said it was responding to requests from market authorities in Portugal and recent speculation by saying it was "constantly" looking at investment opportunities. "That said, ENGIE has not taken any decision in relation to EDPR and currently is not preparing the launching of any takeover bid over shares issued by EDP Renováveis," its statement read. EDPR, which has its h...
Tycoon Hands plots £2.5bn takeover of Quintain

Tycoon Hands plots £2.5bn takeover of Quintain

Business
Guy Hands, the private equity tycoon, is exploring a £2.5bn bid for Quintain, the London-based property group, in an effort to establish an £8bn UK-wide real estate empire. Sky News has learnt that Mr Hands' buyout firm, Terra Firma Capital Partners, is examining an offer for Quintain‎ through Annington, the giant residential property group it has controlled since 2012.Initial bids are due for Quintain, which is owned by Lone Star Funds, another private equity firm, early next month, and City sources expect a deluge of interest in it.The company has planning permission ‎for thousands of rental homes in the area around Wembley Stadium, with the development scheduled to be completed by 2024.Buying Quintain would give Mr Hands a natural merger partner f...