We will track here amendments to this resource that reflect changes in law and practice.
A practice note listing the recent deals published on What's Market.
What's Market (UK) is a deals database that lets you search and compare a wide range of public company transactions and AGM notices.
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For information on the range of corporate transactions and general meetings included in What's Market, see the scope outline (www.practicallaw.com/8-383-6376).
Date of announcement | Target | Deal | Points to note |
9 May 2012 | GoIndustry-DoveBid plc (AIM) | Recommended cash offer for GoIndustry-DoveBid plc by Liquidity Services Limited | The offer is valued at £7.30 million, structured as a scheme of arrangement. Liquidity Services Limited is a wholly-owned subsidiary of Liquidity Services, Inc. GoIndustry-DoveBid plc was previously subject to a possible offer by Liquidity Services, Inc. (see What's Market, Liquidity Services, Inc. possible offer for GoIndustry-DoveBid plc). |
8 May 2012 | Diamond Circle Capital PLC (Main Market) | Mandatory cash offer for Diamond Circle Capital PLC by Abdallah Chatila | The offer is valued at US$26 million (approximately £16.16 million). Abdallah Chatila is considered by the Takeover Panel to be acting in concert with Pavlo Protopapa and Evermay Global Inc., who together with Mr Chatila hold approximately 43.05% of the voting rights in Diamond Circle Capital PLC. Accordingly, as required by Rule 9 of the Takeover Code, Mr Chatila has made an offer for the DCC shares not already held by the concert parties. |
8 May 2012 (Original summary dated 2 April 2012) | Rock Solid Images Plc (AIM) | Hostile partial offer for Rock Solid Images Plc by Thalassa Holdings Ltd | The board of Rock Solid Images Plc (RSI) has published its response circular to the partial offer by Thalassa Holdings Ltd. Each of the RSI directors makes no recommendation to RSI shareholders to accept or decline the offer, and none of the directors intends to accept the offer in respect of his own beneficial holdings of RSI shares. The response circular contains the employee representative's opinion on the partial offer. (Original summary updated to include later announcements). |
4 May 2012 (Original summary dated 10 April 2012) | Lees Foods Plc (AIM) | Recommended offer for Lees Foods Plc by Randotte (No. 555) Limited | Lees Foods Plc has published an employee representatives' opinion on the offer on its website from the Union of Shop, Distributive and Allied Workers. (Original summary updated to include later announcements.) |
2 May 2012 | Kewill plc (Main Market) | Recommended cash offer for Kewill plc by Kinetic Bidco Limited | The offer is valued at £89.5 million and is structured as a scheme of arrangement. This is a take private transaction. Kinetic Bidco Limited is an investment vehicle indirectly owned by the Francisco Partners Funds, formed for the purpose of implementing the acquisition. |
1 May 2012 | GoIndustry-DoveBid plc (AIM) | Possible offer for GoIndustry-DoveBid plc by Liquidity Services, Inc | Announcement by GoIndustry-DoveBid plc (GoIndustry), in response to recent press speculation, confirming that it is in discussions with Liquidity Services, Inc. (Liquidity) which may result in an offer being made for the company. GoIndustry has now announced a recommended cash offer for Liquidity. A summary will shortly be available on What's Market. |
1 May 2012 | Travelzest plc (AIM) | Announcement by Travelzest plc that it has decided to conduct a formal sale process, following receipt of a preliminary expression of interest from its CEO and CFO to acquire the entire issued and to be issued share capital of the company. Accordingly, the Takeover Panel has granted a dispensation from the requirements of Rule 2.4(a), Rule 2.4(b) and Rule 2.6(a) of the Takeover Code. | |
24 April 2012 | Cove Energy plc (AIM) | Recommended cash offer for Cove Energy plc by Shell Exploration and Production (XL) B.V. | The offer is valued at £1.12 billion. Shell Exploration and Production (XL) B.V. (Shell EP) is a wholly-owned subsidiary of Royal Dutch Shell plc (Shell). Following dispensation granted by the Panel, from the prohibition on offer-related arrangements in Rule 21.2, Cove Energy plc (Cove) has agreed to pay a break fee to Shell EP of £11,140,147 if an independent competing offer is announced prior to the offer lapsing or being withdrawn, and such independent competing offer becomes or is declared unconditional in all respects. Cove was previously subject to a formal sale process, resulting in possible offers by PTT Exploration and Production Public Company Limited, ONGC Videsh Limited and GAIL (India) Limited, and Shell (see What's Market, Possible offer for Cove Energy plc (formal sale process)). |
23 April 2012 | Cable & Wireless Worldwide plc (Main Market) | Recommended cash offer for Cable & Wireless Worldwide plc by Vodafone Europe B.V. | The offer is valued at £1.04 billion and is structured as a scheme of arrangement. Vodafone Europe B.V. is an indirect wholly-owned subsidiary of Vodafone Group plc (Vodafone). The offer will not extend to Cable & Wireless Worldwide plc ADR holders. Cable & Wireless Worldwide plc was previously subject to possible offers by Tata Communications Limited (later withdrawn) and Vodafone (see What's Market, Possible offer for Cable & Wireless Worldwide plc). |
16 April 2012 | International Power PLC (Main Market) | Recommended cash offer for International Power PLC by Electrabel S.A. | The offer is valued at £6.39 billion and is structured as a scheme of arrangement. Electrabel S.A. is a wholly-owned subsidiary of GDF Suez S.A. International Power PLC was previously subject to a possible offer by GDF Suez S.A. (see What's Market, GDF Suez S.A. possible offer for International Power PLC). |
13 April 2012 | Havard International plc (AIM) | Recommended cash offer for Harvard International plc by Geeya Technology (HongKong) Limited | The offer is valued at £23.09 million. Geeya Technology (HongKong) Limited is a wholly-owned subsidiary of Chengdu Geeya Technology Co., Ltd. (Chengdu). The parties have entered into a break fee arrangement under which Harvard International plc (Harvard) will pay Chengdu £500,000 in certain circumstances. Harvard was previously subject to a possible offer by Chengdu (see What's Market, Chengdu Geeya Technology Co. Ltd. possible offer for Harvard International plc). |
12 April 2012 | Umeco plc (Main Market) | Recommended offer for Umeco plc by Cytec UK Holdings Limited | The offer is valued at £274 million and is structured as a scheme of arrangement. Cytec UK Holdings Limited is an indirect wholly-owned subsidiary of Cytec Industries Inc. One of the non-director shareholder's irrevocable undertakings contains a matching or topping right for the bidder in the event of a higher competing offer for Umeco plc. |
10 April 2012 | Lees Foods Plc (AIM) | Recommended offer for Lees Foods Plc by Randotte (No. 555) Limited | The offer is valued at £5.6 million and is structured as a scheme of arrangement. Randotte (No. 555) Limited (Randotte) is a newly incorporated company, formed for the purpose of implementing the acquisition. The directors of Randotte are also the directors of Lees Foods Plc (Lees). As none of the Lees directors were deemed to be sufficiently independent of Randotte to be able to provide a recommendation to Lees shareholders, the transaction was recommended by the financial adviser to the Lees board, Shore Capital and Corporate Limited. The deal includes management incentivisation arrangements requiring approval of the independent shareholders in accordance with Rule 16.2 of the Takeover Code. |
3 April 2012 | COBRA Holdings PLC (AIM) | Announcement by COBRA Holdings PLC (COBRA), in response to press speculation, confirming that discussions are in progress, which may or may not lead to an offer for COBRA, with Towergate Partnershipco Limited (a member of the Towergate Insurance Group) and Alto Intermediary Group Limited, a company formed by Stephen Burrows, the CEO of COBRA. COBRA has indicated that it may request an extension to the put up or shut up deadline to enable the orderly completion of due diligence and the seeking of relevant approvals. | |
2 April 2012 | Rock Solid Images Plc (AIM) | Hostile partial offer for Rock Solid Images Plc by Thalassa Holdings Ltd | The offer is valued at £197,382 (cash offer) and £296,749 (share alternative) and includes a US tender offer. |
2 April 2012 | Goals Soccer Centres plc (AIM) | Possible offer for Goals Soccer Centres plc by Ontario Teachers' Pension Plan | Announcement by Goals Soccer Centres plc, in response to press speculation, confirming that it has received a preliminary approach from Ontario Teachers' Pension Plan that may or may not lead to an offer being made for the company. |
2 April 2012 | Ai Claims Solutions PLC (AIM) | Mandatory offer for Ai Claims Solutions PLC by Quindell Portfolio Plc | The offer is valued at £14.9 million (cash option and lock-in option) and £13.9 million (orderly market option). Following its acquisition of a further 47.7% shareholding in Ai Claims Solutions PLC (Ai Claims), Quindell Portfolio Plc was obliged to make a mandatory cash offer for the remaining issued share capital of Ai Claims pursuant to Rule 9 of the Takeover Code. The offer includes a share alternative, which, depending on the option selected, will be subject to lock-in restrictions or orderly market restrictions, as the case may be. |
29 March 2012 | International Power PLC (Main Market) | Announcement by International Power PLC (IPR), confirming that it has received a non-binding indicative proposal from GDF Suez S.A. (GDFS) to acquire the entire issued and to be issued share capital of IPR, not already owned by GDFS as a majority shareholder. The possible offer is valued at £6 billion, payable in cash. | |
29 March 2012 | Arden Partners plc (AIM) | Announcement by the non-executive board of Arden Partners plc, confirming that it has received a preliminary approach from Grahame Whateley, a former non-executive director, for the entire issued and to be issued share capital of Arden Partners plc. The possible offer is valued at £10.04 million, payable in cash with a partial share alternative. | |
29 March 2012 | Prologic (AIM) | Recommended offer for Prologic plc by ESWC Acquisitions Limited | The offer is valued at £3.65 million, payable in cash. ESWC Acquisitions Limited (ESWC) is a newly established private limited company formed at the direction of, and wholly-owned by, Joseph Liemandt for the purpose of making the offer. ESWC has received irrevocable undertakings in respect of 74.5% of the issued share capital of Prologic. Prologic was previously subject to a strategic review (see What's Market, Possible offer for Prologic plc (strategic review)). |
19 March 2012 | Misys plc (Main Market) | The offer is valued at £1.27 billion, payable in cash. This is a take private transaction. Magic Bidco Limited is an investment vehicle indirectly owned by Vista Funds, each of which are managed or advised by Vista Equity Partners, LLC. Misys plc was previously subject to possible offers by Vista Equity Partners, LLC and by Temenos Group AG, and remains subject to a possible offer by CVC Capital Partners Limited and ValueAct Capital Master Fund, L.P. (see What's Market, Possible offer for Misys plc). | |
19 March 2012 | Wessex Exploration plc (AIM) | Announcement by Total S.A. confirming that it has approached Wessex Exploration plc regarding a possible cash offer for the entire issued and to be issued share capital of the company. The possible offer is valued at £71.9 million, payable in cash. | |
14 March 2012 | GlobeOp Financial Services S.A. (Main Market) | Recommended offer for GlobeOp Financial Services S.A. by SS&C Technologies Holdings Europe S.à.r.l | The offer is valued at £572 million and includes a US tender offer. SS&C Technologies Holdings Europe S.à.r.l is a wholly owned subsidiary of SS&C Technologies Holdings, Inc. This is a competing offer to TPG Capital, L.P.'s offer and represents an increase in deal value of approximately £64 million (see What's Market, TPG Capital, L.P. offer for GlobeOp Financial Services S.A.). GlobeOp Financial Services S.A. also remains subject to a possible offer by Advent International Corporation (see What's Market, Possible offer for GlobeOp Financial Services S.A.). |
12 March 2012 | Stagecoach Theatre Arts Public Limited Company (AIM) | Recommended offer for Stagecoach Theatre Arts Public Limited Company by Lifeskills Education Limited | The offer is valued at £6.5 million. Lifeskills Education Limited is a wholly owned subsidiary of Lifeskills Education Holdings Limited, newly incorporated and established for the purpose of making the offer. Shirin Gandhi is the sole director of both Lifeskills Education Limited and Lifeskills Education Holdings Limited. |
7 March 2012 (Original summary dated 31 January 2012) | Synchronica plc (AIM) | On 7 March 2012, Myriad Group AG (Myriad) announced that the boards of Myriad and Synchronica plc (Synchronica) had reached agreement on the terms of a recommended increased share offer. The revised offer values Synchronica at £24.10 million. (Original What's Market summary updated to include later announcements.) | |
5 March 2012 and 12 March 2012 (Original summary dated 3 February 2012) | Misys plc (Main Market) | On 5 March 2012, CVC Capital Partners Limited (CVC) announced that funds advised by CVC and ValueAct Capital Master Fund, L.P., the largest shareholder in Misys plc (Misys), had concluded an agreement to work together with a view to making a recommended joint cash offer for Misys, including a US tender offer. On 12 March 2012, Temenos Group AG announced that no agreement had been reached on the final terms of a transaction with Misys and confirmed that discussions between the two parties had been terminated. (Original What’s Market summary updated to include later announcements.) | |
1 March 2012 (Original summary dated 13 February 2012) | Cable & Wireless Worldwide plc (Main Market) | Announcement by Tata Communications Limited, confirming that it is evaluating a possible cash offer for Cable & Wireless Worldwide plc. This is a potential competing bid to Vodafone Group plc's possible offer for the company. (Original What's Market summary updated to include later announcements.) | |
22 February 2012 to 28 February 2012 (Original summary dated 5 January 2012) | Cove Energy plc (AIM) | On 22 February 2012, Royal Dutch Shell plc announced its outline terms for a possible cash offer for Cove Energy plc (Cove) to be made by Shell Exploration and Production (XL) B.V., its indirect wholly-owned subsidiary, valued at £992.4 million, including a US tender offer. On 24 February 2012, PTT Exploration and Production Public Company Limited announced its outline terms for a possible cash offer for Cove Energy plc, which is valued at £1.1196 billion and includes a tender offer. On 28 February 2012, ONGC Videsh Limited and GAIL (India) Limited announced that they are contemplating joint participation in the formal sale process of Cove Energy plc. If an offer were to be made, it would be in cash. (Original What’s Market summary updated to include later announcements.) | |
17 February 2012 | Bowleven plc (AIM) | Announcement by Dragon Oil plc confirming that it is in the preliminary stages of exploring a possible offer for Bowleven plc. | |
14 February 2012 | Hampson Industries PLC (Main Market) | Possible offer for Hampson Industries PLC (formal sale process) | Announcement by Hampson Industries PLC that the board has decided to commence a formal sale process of the company. Accordingly, the Takeover Panel has granted a dispensation from the requirements of Rule 2.4(a), 2,4(b) and 2.6(a) of the Takeover Code. |
13 February 2012 | Cable & Wireless plc (Main Market) | Possible offer for Cable & Wireless Worldwide plc by Vodafone Group plc | Announcement by Vodafone Group plc confirming that it is in the very early stages of evaluating the merits of a potential offer for Cable & Wireless Worldwide plc. |
7 February 2012 | Xstrata plc (Main Market) | Recommended share offer for Xstrata plc by Glencore International plc | The offer is a merger of equals, valued at £39.1 billion and is a class 1 transaction, structured as a scheme of arrangement. The parties have entered into a reverse break fee agreement, under which Glencore International plc will pay Xstrata plc compensation of £298 million in certain circumstances. The scheme document will be posted to Xstrata plc shareholders in April 2012, after the publication of both companies' annual reports. The Takeover Panel has consented to this arrangement for the purposes of Appendix 7 of the Takeover Code. Xstrata plc was previously subject to a possible offer by Glencore International plc (see What's Market, Glencore International plc possible offer for Xstrata plc). |
7 February 2012 | Misys plc (Main Market) | Announcement by Misys plc that it has reached agreement with Temenos Group AG on certain key terms regarding a possible all share merger of the two groups. Discussions are continuing. | |
3 February 2012 | PLUS Markets Group plc (AIM) | Possible offer for PLUS Markets Group plc (formal sale process) | Announcement by PLUS Markets Group plc that the board has decided to commence a formal sale process of the company. Accordingly, the Takeover Panel has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Takeover Code. |
3 February 2012 | Network Group Holdings plc (AIM) | Recommended cash offer for Network Group Holdings plc by NGH Topco Limited | The offer is valued at £19.6 million and includes an unlisted securities alternative. This is a take private transaction. NGH Topco Limited is a single purpose vehicle formed by Lloyds Development Capital (Holdings) Limited and LDC Parallel I LP, incorporated for the sole purpose of making the offer. |
3 February 2012 | Worldlink Group Plc (Main Market) | Possible offer for Worldlink Group Plc for The One Media Technology Corporation | Announcement by Worldlink Group Plc, confirming that it has received an approach from The One Media Technology Corporation regarding a possible offer for the company. |
2 February 2012 | CryptoLogic Limited (Main Market) | Recommended cash offer for CryptoLogic Limited by Amaya Gaming Group Inc. | The offer is valued at US$35.8 million and includes a US tender offer (under Tier II exemption). The non-director shareholders’ irrevocable undertakings contain a matching right for Amaya Gaming Group Inc. (Amaya) in the event of a higher competing offer being made (in the case of certain of the undertakings, representing an improvement of 10% or more on the value of Amaya’s offer). CryptoLogic Limited was previously subject to a possible offer by Amaya (see What's Market, Amaya Gaming Group Inc. possible offer for CryptoLogic Limited). |
2 February 2012 | Xstrata plc (Main Market) | Possible offer for Xstrata plc by Glencore International plc | Announcement by Xstrata plc in response to speculation, confirming that it has received an approach from Glencore International plc regarding an all share merger of equals. |
1 February 2012 | GlobeOp Financial Services S.A. (Main Market) | Recommended cash offer for GlobeOp Financial Services S.A. by Geo 3 & Co. S.C.A. | The offer is valued at £508 million and includes a US tender offer. This is a take private transaction. The offer is subject to the shared jurisdiction of the Takeover Panel and the Luxembourg Commission de Surveillance du Secteur Financier. Geo 3 & Co. S.C.A. is a newly established partnership, indirectly owned by TPG Partners VI-AIV, L.P. (one of the funds managed by TPG Capital, L.P.), formed for the purpose of making the offer. GlobeOp Financial Services S.A. was previously subject to possible offers by TPG Capital, L.P. and Advent International Corporation (see What's Market, Possible offer for GlobeOp Financial Services S.A.). |
1 February 2012 | Aurelian Oil & Gas PLC (AIM) | Announcement by Aurelian Oil & Gas PLC that it has appointed Greenhill & Co. LLP to undertake a strategic review of the company. | |
31 January 2012 | Synchronica plc (AIM) | The offer is valued at £20.63 million. On 31 January 2012, Synchronica plc announced that the board has been unable to reach agreement with Myriad Group AG and advised Synchronica plc shareholders to take no action in respect of the offer. Synchronica plc was previously subject to a possible offer by Myriad Group AG (see What's Market, Myriad Group AG possible offer for Synchronica plc). | |
30 January 2012 | Avia Health Informatics Plc (AIM) | Announcement by Avia Health Informatics Plc that it is continuing to review its strategic options, including the possible sale of the company. | |
27 January 2012 | ACM Shipping Group plc (AIM) | Announcement by ACM Shipping Group plc in response to recent share price movements, confirming that it has received an approach from RS Platou ASA regarding a possible offer. | |
24 January 2012 | Colliers International UK plc (AIM) | Possible offer for Colliers International UK plc by FirstService Corporation | Announcement by Colliers International UK plc, confirming that it has received an approach from FirstService Corporation. |
24 January 2012 | Atlantic Global Plc (AIM) | Recommended cash offer for Atlantic Global Plc by KeyedIn (UK) Limited | The offer is valued at £4.9 million. KeyedIn (UK) Limited is a wholly-owned subsidiary of KeyedIn Solutions LLC, newly incorporated and established for the purpose of making the offer. Atlantic Global Plc was previously subject to a formal sale process which commenced on 29 September 2011 (see What's Market, Possible offer for Atlantic Global Plc). |
23 January 2012 | The TEG Group Plc (AIM) | Announcement by The TEG Group Plc (TEG) in response to the recent rise in its share price, confirming that it has appointed KPMG Corporate Finance to undertake a strategic review of the company. KPMG has had some preliminary discussions with Bridges Ventures LLP (Bridges) and Kier Group plc (Kier). On 26 January 2012, TEG announced that it had decided to conduct a formal sale process. Accordingly, the Takeover Panel has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Takeover Code. Bridges and Kier have confirmed they do not intend to make an offer for TEG. | |
16 January 2012 | Robert Wiseman Dairies PLC (Main Market) | Recommended cash offer for Robert Wiseman Dairies PLC by Müller Dairy (U.K.) Limited | The offer is valued at £279.5 million and includes a US tender offer (under Tier I exemption). Robert Wiseman Dairies PLC was previously subject to a possible offer by Müller Dairy (U.K.) Limited (see What's Market, Müller Dairy (U.K.) Limited possible offer for Robert Wiseman Dairies PLC). |
13 January 2012 | Arena Leisure plc (Main Market) | Recommended cash offer for Arena Leisure plc by Aldersgate Investments Limited | The offer is structured as a scheme of arrangement, valued at £167 million. Aldersgate Investments Limited is a holding company for property related investments, wholly-owned by family trusts controlled by the Reuben brothers, who are acting in concert with the company. Arena Leisure plc was previously subject to a possible offer by Reuben Brothers Limited (see What's Market, Reuben Brothers Limited possible offer for Arena Leisure plc). |
13 January 2012 | Robert Wiseman Dairies PLC (Main Market) | Possible offer for Robert Wiseman Dairies PLC by Müller Dairy (U.K.) Limited | Announcement by Robert Wiseman Dairies PLC, in response to the recent rise in its share price, confirming that it is in talks with Müller Dairy (U.K.) Limited regarding a possible cash offer for the company. |
13 January 2012 | Victoria PLC (Main Market) | Announcement by Victoria PLC that the board has decided to conduct a formal sale process of Victoria PLC or its operating businesses. Accordingly, the Takeover Panel has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Takeover Code. | |
6 January 2012 | GlobeOp Financial Services S.A. (Main Market) | Announcement by GlobeOp Financial Services S.A. in response to recent press speculation, confirming that it is in talks with Advent International Corporation and TPG Capital regarding possible offers. | |
5 January 2012 | Cove Energy plc (AIM) | Announcement by Cove Energy plc that, having started a sale process of a substantial portion of Cove Energy plc's asset value in East Africa, it had commenced a formal sale process of the entire issued and to be issued share capital of the company. Accordingly, the Takeover Panel has granted a dispensation from the requirements of Rule 2.4(a), 2.4(b) and 2.6(a) of the Takeover Code. | |
3 January 2012 | Synchronica plc (AIM) | Announcement by Synchronica plc that it had received an approach from Myriad Group AG regarding a possible offer for Synchronica plc. An initial approach was rejected, but Myriad Group AG indicated to Synchronica plc that it intends to revise the terms of its potential offer. |
Date of announcement | Issuer | Deal | Points to note |
30 April 2012 | Raven Russia Limited (Main Market) | The directors intend to use the net proceeds of the placing and open offer to fund part of the consideration for the acquisition of Pushkino Logistics Park (see What's Market, Raven Russia Limited acquisition of Pushkino Logistics Park). | |
30 April 2012 | Enteq Upstream plc (AIM) | Enteq Upstream plc intends to use the net proceeds of the placing to fund the consideration for the acquisition of substantially all of the operating assets of XXT Incorporated. The acquisition constitutes a reverse takeover. | |
27 April 2012 | Salamander Energy plc (Main Market) |
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26 April 2012 | Borders & Southern Petroleum plc (AIM) |
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24 April 2012 | Redrow plc (Main Market) | The placing will be effected through a cash box structure. | |
24 April 2012 | Capita plc (Main Market) | The placing will be effected by way of an accelerated bookbuild. | |
11 April 2012 | Breedon Aggregates Limited (AIM) |
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5 April 2012 | Dechra Pharmaceuticals PLC (Main Market) | Dechra Pharmaceuticals PLC intends to use the net proceeds of the rights issue to fund, in part, the consideration for a proposed acquisition of Eurovet Animal Health B.V. (see What's Market, Dechra Pharmaceuticals PLC acquisition of Eurovet Animal Health B.V.). | |
5 April 2012 | Progressive Digital Media Group plc (AIM) |
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2 April 2012 | Mwana Africa PLC (AIM) | The placing will be effected by way of an accelerated bookbuild. | |
28 March 2012 | Ophir Energy plc (Main Market) |
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20 March 2012 | Chariot Oil and Gas Limited (AIM) |
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15 March 2012 | Firestone Diamonds plc (AIM) |
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13 March 2012 | Cluff Gold plc (AIM) | The placing will be effected by way of an accelerated bookbuild. | |
6 March 2012 | KSK Power Ventur plc (Main Market) |
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22 February 2012 | Madagascar Oil Limited (AIM) |
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20 January 2012 | Taliesin Property Fund Limited (AIM) |
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16 February 2012 | Talvivaara Mining Company Plc (Main Market) |
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16 February 2012 | Quindell Portfolio Plc (AIM) |
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13 February 2012 | Tanfield Group Plc (AIM) |
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13 February 2012 | Toumaz Limited (AIM) |
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10 February 2012 | Vernalis plc (Main Market) | Vernalis plc is proposing a resolution to approve the cancellation of its listing and transfer of its shares from the Main Market to AIM in the event that, following the firm placing and placing and open offer, it is in breach of the Listing Rules free float requirements. | |
7 February 2012 | Brady plc (AIM) |
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7 February 2012 | Avanti Communications Group plc (AIM) |
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30 January 2012 | MedicX Fund Limited (Main Market) | A portion of the new shares are to be placed with the lead bookrunner and immediately bought back by MedicX at the issue price to be held in treasury and used to satisfy demand under the scrip dividend scheme and for general corporate purposes. | |
26 January 2012 | Sirius Minerals Plc (AIM) | The placing will be effected by way of an accelerated bookbuild. | |
24 January 2012 | London Mining Plc (AIM) | The placing will be effected by way of an accelerated bookbuild. | |
17 January 2012 | DS Smith Plc (Main Market) | The directors intend to use the net proceeds of the rights issue to fund in part the consideration for the acquisition of the packaging division of Svenska Cellulosa Aktiebolaget SCA (publ) (see What's Market, DS Smith Plc acquisition of the packaging division of Svenska Cellulosa Aktiebolaget SCA (publ)). | |
13 January 2012 | Falkland Oil and Gas Limited (AIM) |
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12 January 2012 | Dods (Group) PLC (AIM) | The directors intend to use the net proceeds of the placing to fund in part the consideration for the acquisition of the DeHavilland Political Intelligence division of Emap Limited. |
Date of admission to trading | Company | Transaction | Points to note |
3 May 2012 | Retroscreen Virology Group plc | Upon admission, the market capitalisation of Retroscreen Virology Group plc at the offer price of 80 pence per share will be £32.8 million. | |
5 April 2012 | NMC Health plc | Global offer and admission to listing and to trading on the Main Market | Upon admission, the market capitalisation of NMC Health plc at the offer price of 210 pence per share will be £390 million. |
5 April 2012 | Naibu Global International Company Plc | Upon admission, the market capitalisation of Naibu Global International Company Plc at the offer price of 124 pence per share will be £68 million. | |
30 March 2012 | Rare Earths Global Limited | Upon admission, the market capitalisation of Rare Earths Global Limited at the offer price of 247 pence per share will be £157 million. | |
26 March 2012 | Bushveld Minerals Limited | Upon admission the market capitalisation of Bushveld Minerals Limited at the offer price of 20 pence per share will be £56.7 million. | |
3 February 2012 | Tangiers Petroleum Limited | Upon admission the market capitalisation of Tangiers Petroleum Limited at the offer price of 33 pence per share will be £37 million. Tangiers Petroleum Limited seeks admission to trading on AIM via the fast track admission procedure for quoted applicants. | |
24 January 2012 | RusPetro plc | Global offer and admission to listing and to trading on the Main Market | Upon admission, the market capitalisation of RusPetro plc at the offer price of 134 pence per share will be £441 million. |
5 March 2012 (anticipated) | Alcentra European Floating Rate Income Fund Limited | Placing and offer for subscription of shares and admission to listing and trading on the Main Market | Upon admission, the market capitalisation of Alcentra European Floating Rate Income Fund Limited, at the offer price of 100 pence per Sterling share and EUR1.00 per Euro share, is anticipated to be in excess of £150 million. |
24 January 2012 (anticipated) | RusPetro plc | Global offer and admission to listing and to trading on the Main Market | Upon admission, the market capitalisation of RusPetro plc at the offer price of 134 pence per share will be approximately £441 million. |
Date of announcement | Company | Transaction | Points to note |
14 May 2012 | Genel Energy plc | The consideration is US$175 million (£108.87 million). | |
12 May 2012 | The Rank Group Plc | The consideration is £205 million. | |
11 May 2012 | Thomas Cook Group Plc | The consideration is US$294.4 million (approximately £182.9 million). | |
3 May 2012 | BG Group plc | The consideration is US$1.8 billion (£1.11 billion). | |
30 April 2012 | Raven Russia Limited | The consideration is US$215 million (approximately £132.36 million). Raven Russia Limited proposes to fund the transaction through a the proceeds of a placing and open offer issue (see What's Market, Raven Russia Limited placing and open offer (2012)) and a debt facility. | |
27 April 2012 | Globaltrans Investment PLC | The consideration is US$540 million (£332.83 million). | |
26 April 2012 | EnQuest plc | Class 1 acquisition of third tranche of the Kraken oil discovery | The consideration is US$90 million - US$144 million (approximately £55.57 million - £88.92 million). |
24 April 2012 | Anglo American plc | The consideration is South African Rand (ZAR) 3.4 billion (approximately £271.94 million). | |
23 April 2012 | AstraZeneca PLC | The consideration is US$1.26 billion (approximately £778.73 million). | |
20 April 2012 | Northamber Plc | The consideration is £6.35 million payable in cash (plus costs). Shareholder approval was not sought in advance of entering into the contract due to related time pressures. | |
19 April 2012 | GlaxoSmithKline plc | Unsolicited offer by GlaxoSmithKline plc to acquire Human Genome Sciences, Inc. at an offer price of $13 per share by way of an all cash tender offer. The consideration is $2.6 billion (approximately £1.6 billion). | |
10 April 2012 | Cobham plc | The consideration is Danish Krone (DKK) 2.42 billion (approximately £270 million), structured as a voluntary offer at DKK 420 per Thrane & Thrane A/S share. | |
5 April 2012 | Dechra Pharmaceuticals PLC | The consideration is EUR 135 million (approximately £112.5 million), payable in cash plus deferred consideration based on a percentage of the base purchase price. Dechra Pharmaceuticals PLC proposes to fund the transaction through a combination of the proceeds of a fully underwritten rights issue (see What's Market, Dechra Pharmaceuticals PLC rights issue) and a new debt facility. | |
3 April 2012 | Cairn Energy PLC | Acquisition of the issued share capital of Agora Oil & Gas AS | The consideration is US$450 million (approximately £283.12 million), satisfied through a combination of approximately 43% cash and 57% Cairn Energy PLC shares. |
30 March 2012 | Flying Brands Limited | The consideration is £0.8 million, comprising £0.72 million in cash for the disposals of Garden Bird Supplies, Garden Centre Online and Listen2 businesses and £0.08 million for the disposal of intellectual property of Garden Centre Online. | |
27 March 2012 | BP plc | The consideration is US$400 million (approximately £251.13 million), payable in cash. A further US$10 million may be payable in the future, subject to prevailing gas prices. | |
26 March 2012 | Aggreko plc | The consideration is R$404 million (approximately £140 million), payable in cash on completion with the potential for up to R$60 million to be paid in addition if performance targets for the year to 31 December 2012 are met. | |
20 March 2012 | Glencore International plc | The consideration is C$6.1 billion (approximately £3.84 billion), payable in cash. The parties have entered into a break fee agreement under which Glencore International plc (Glencore) is entitled to a termination payment of C$185 million in certain circumstances. They have also entered into a reverse break fee agreement under which Glencore must pay Viterra Inc. C$50 million should the transaction not close for regulatory reasons. | |
15 March 2012 | Shire plc | Acquisition of FerroKin BioSciences, Inc. and its Phase 2 iron chelator treatment | The consideration is US$100 million (approximately £63.09 million) payable in cash at closing, plus potential additional payments of up to US$225 million. |
14 March 2012 | Hogg Robinson Group plc | Acquisition of outstanding interest in Spendvision Holdings Limited | The consideration is £13.44 million, payable in cash and the allotment and issue of new Hogg Robinson Group plc shares. Hogg Robinson plc, an indirect subsidiary of Hogg Robinson Group plc, will, on completion, own the entire issued share capital of Spendvision Holdings Limited. This is a related party transaction under the Listing Rules. |
13 March 2012 | Liontrust Asset Management PLC | The consideration is £12.35 million, payable in cash, convertible unsecured loan stock, the allotment and issue of new Liontrust Asset Management PLC (Liontrust) shares and an amount equal to the net asset value of Walker Crips Asset Managers Limited (Walker) as at completion. The transaction is Class 1 for both Walker and Liontrust, and is a related party transaction for Walker under the Listing Rules. | |
9 March 2012 | London Stock Exchange Group plc | The consideration is EUR813 million (approximately £677 million) and comprises the total offer value of EUR772 million, plus a special dividend of EUR41 million. The acquisition is being implemented by way of a recommended cash offer, to be made by London Stock Exchange (C) Limited, a wholly-owned subsidiary of London Stock Exchange Group plc. | |
7 March 2012 | HSBC Holdings plc | Disposal of general insurance businesses in Hong Kong, Singapore, Argentina and Mexico | The consideration is US$914 million (approximately £580.69 million) and includes an opportunity for AXA Group (AXA) and QBE Insurance Group Limited (QBE), under the bancassurance agreements, to be providers of general insurance products distributed by HSBC Holdings plc to customers in various territories. Of the total aggregate consideration, US$494 million is payable by AXA and US$420 million is payable by QBE. |
2 March 201 | AngloGold Ashanti Limited | The consideration is US$335 million (approximately £211.13 million). | |
2 March 2012 | Hammerson plc | Disposal of 54-60 rue du Faubourg Saint-Honoré to Ramsbury AB | The consideration is EUR165 million (approximately £137.28 million). |
29 February 2012 | Great Portland Estates plc | Acquisition of five West End properties from the Great Capital Partnership | Great Capital Partnership is a 50:50 joint venture between Great Portland Estates plc and Capco. The consideration is £150 million (or £75 million for the half share Great Portland Estates plc does not already own). |
28 February 2012 | BP plc | Disposal of Kansas gas production and processing assets to an affiliate of LINN Energy, LLC | The consideration is US$1.2 billion (approximately £751 million), payable in cash. |
22 February 2012 | Aegis Group plc | Acquisition of the holding company of Roundarch Inc. from G&J Acquisitions Inc.,. | The consideration is expected to be around US$250 million (approximately £159 million), subject to a five-year earn-out structure from 2012 to 2016, payable in cash. If Roundarch Inc. significantly outperforms existing projections, the total consideration could be higher with a maximum cap of US $360 million. |
22 February 2012 | Centrica plc | The consideration is US$388 million (approximately £246 million). This transaction follows Centrica plc's North Sea-related acquisitions from Statoil Petroleum AS, and from ConocoPhillips Skandinavia AS and ConocoPhillips (UK) Limited (see What's Market, Centrica plc acquisition of producing and development oil and gas assets in the Norwegian sector of the North Sea and What's Market, Centrica plc acquisition of stake in North Sea Statfjord field, respectively). | |
21 February 2012 | Flying Brands Limited | Class 1 disposal of the Gifts Division to Interflora British Unit | The consideration is £2.4 million payable in cash. |
16 February 2012 | 4imprint Group plc | The consideration is £24 million, of which £22.75 million is payable in cash immediately on completion and the remaining £1.25 million will be deferred and is payable in cash 12 months after completion. | |
16 February 2012 | Mondi plc | The consideration is PLN1.2 billion (approximately £235 million), based on an offer price of PLN69 per Mondi Swiecie S.A. share. | |
10 February 2012 | The Weir Group PLC | The enterprise value is A$294 million (approximately £200 million), payable in cash. | |
1 February 2012 | Royal Bank of Scotland Group plc | The sale is for nominal cash consideration. | |
30 January 2012 | Centrica plc | The consideration is US$223 million (approximately £142 million), including US$103 million attributable to historic tax allowances. This transaction follows Centrica's North Sea-related acquisition from Statoil Petroleum AS (see What's Market, Centrica plc acquisition of producing and development oil and gas assets in the Norwegian sector of the North Sea). | |
25 January 2012 | The Weir Group PLC | The consideration is US$176 million (approximately £113 million) payable in cash. In addition, approximately US$4 million in deferred consideration relating to tax refunds will be paid in 2012. | |
24 January 2012 | Quindell Portfolio Plc | The deal value is £19.31 million, consisting of £10.25 million in cash and the issue of up to 120.8 million new Quindell Portfolia Plc shares. | |
29 November 2011 to 26 January 2012 | WPP plc | WPP plc has made multiple (15) acquisitions as part of its strategy to develop its services and bolster the reach of its public relations/public affairs businesses. | |
17 January 2012 | Stobart Group Limited | The consideration is £12.35 million, consisting of £5.15 million in cash and £7.2 million in new Stobart Group Limited shares. This is a related party transaction under the Listing Rules. | |
17 January 2012 | Royal Bank of Scotland Group plc | Disposal of RBS Aviation Capital to Sumitomo Mitsui Banking Corporation | The consideration is US$7.3 billion (approximately £4.7 billion), payable in cash on completion of the relevant transfer agreements. |
17 January 2012 | DS Smith Plc | The consideration is EUR1.7 billion (approximately £1.42 billion), which will be part-funded by a rights issue (see What's Market, DS Smith Plc rights issue). | |
5 January 2012 | Eurasian Natural Resources Corporation PLC | The consideration is approximately £967.5 million, consisting of US$750 million payable on closing, together with deferred consideration of US$500 million in the form of a 3-year promissory note with an interest coupon of 3%, which is payable annually in arrears. |
Date of announcement | Company | Deal | Points to note |
1 May 2012 | Raven Russia Limited | Raven Russia Limited has decided to make a return of value to acquire up to 2.5% of its issued share capital. | |
30 March 2012 | Strategic Equity Capital plc | The company has decided to make a return of value to acquire up to 4% of its issued share capital. | |
16 March 2012 | CLS Holdings plc (Main Market) | The company has decided to make a return of value of approximately £7.9 million. | |
3 February 2012 | Old Mutual plc (Main Market) | The company has decided to make a return of value from a proportion of the proceeds from its disposal of Skandia Insurance Company Ltd (publ) of approximately £1 billion. For further details of the disposal, see What's Market, Old Mutual plc disposal of Skandia Insurance Company Ltd (publ). | |
10 January 2012 | Cairn Energy PLC (Main Market) | The company has decided to make a return of value of US$3.5 billion (approximately £2.2 billion). |
Date of announcement | Company | De-listing | Points to note |
30 April 2012 | Infoscreen Networks plc |
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16 April 2012 | Siteserv plc | It is proposed that board will appoint a liquidator and wind-up Siteserv plc. | |
30 March 2012 | Eros International Plc | It is intended that Eros International Plc will list on the NYSE. | |
29 March 2012 | Clinical Computing Plc | It is proposed that a matched bargain settlement facility will be put in place. | |
14 March 2012 | China Gateway International PLC | It is proposed that China Gateway International PLC will re-register as a private company. | |
12 March 2012 | Rock Solid Images plc | It is proposed that a matched bargain trading facility will be put in place for at least one year following the cancellation. | |
8 March 2012 | Ceva, Inc. | Ceva, Inc. will continue to trade on the NASDAQ Global Market. | |
16 February 2012 | PetroLatina Energy Plc | For a period of two months, a third-party trading facility will be operated to acquire shares held by minority shareholders at a set price of 19.5 pence per share. PetroLatina Energy Plc will re-register as a private company. | |
14 February 2012 | MDY Healthcare plc | It is proposed that a matched bargain settlement facility will be put in place. | |
9 February 2012 | Cosalt plc | It is proposed that a matched bargain settlement facility will be put in place. Cosalt plc will re-register as a private company. | |
24 January 2012 | Proventec plc | Proventec plc will review on an ongoing basis whether it can facilitate trading on a matched bargain basis in the UK. | |
18 January 2012 | India Hospitality Corporation | India Hospitality Corporation is investigating the possibility of introducing a matched bargain settlement facility. |
11 January 2012 | Associated British Engineering plc | Cancellation of Associated British Engineering plc's 7% preference shares and reduction of its share premium account. The company also intends to raise capital through an open offer and sub-divide the existing ordinary shares. |
Date of announcement | Parties | Deal | Points to note |
14 May 2012 | JSC RusHydro Alstom | The joint venture will begin construction of a hydropower equipment manufacturing facility in the Republic of Bashkortostan, Russia. | |
10 May 2012 | Sigma Capital Group plc Neptune Developments Limited | The joint venture is intended to accelerate the delivery of Sigma's regeneration projects in Liverpool. | |
8 May 2012 | Kibo Mining plc VOTORANTIM METAIS PARTICIPAÇÕES LTDA | The joint venture is intended to further explore Kibo Mining plc's Haneti properties prospective for nickel and other base and precious metals. | |
30 April 2012 | Stagecoach Group plc Stagecoach South Western Trains Ltd Network Rail Infrastructure Ltd | The joint venture is intended to deliver rail services in the south and south-west of England. | |
25 April 2012 | Tarsus Group plc China International Automotive Aftermarket Industry and Tuning (Guangzhou) Trade Fair | The joint venture is intended to expand Tarsus Group plc's business in emerging markets. | |
16 April 2012 | Fortune Oil PLC Tianjin Gas Group Company Ltd | The joint venture is intended to manage the procurement, import and supply liquefied natural gas to Tianjin, China. | |
3 April 2012 | ARM Holdings plc Gemalto Giesecke & Devrient | The joint venture is intended to deliver a trusted, secure environment for advanced services running on smartphones, tablets and other smart connected devices. | |
22 March 2012 | Oxford Instruments plc Ostendo Technologies Inc | The parties will form a strategic partnership to exploit an emerging technology which has the potential to improve the manufacturing of high brightness LEDs. | |
21 March 2012 | Centrica plc DONG Energy | The joint venture is intended to co-develop offshore wind farms in the Round 3 Irish Sea zone. The deal value is £40 million. | |
13 March 2012 | Xstrata Coal JX Nippon Oil & Energy Corporation | The joint venture is intended to comprise contiguous metallurgical coal assets in the Peace River Coalfields, Canada. | |
1 March 2012 | Derwent London plc Grosvenor | The joint venture is intended to work towards the redevelopment of 1-5 Grosvenor Place, London, to include a luxury hotel, office and residential uses. | |
15 February 2012 | Land Securities Group PLC Canada Pension Plan Investment Board | The joint venture, Victoria Circle Limited Partnership, is intended to own and develop Victoria Circle, London. It will provide a mix of residential offices, retail and public amenities with an estimated value in excess of £1 billion. | |
8 February 2012 | Synchronica plc Intertainment Media Inc. | The joint venture is intended to further develop the parties' products, share R&D efforts, enlarge business development activities and drive revenue and profitability from new projects. The parties have also signed a joint venture agreement with Ortsbo Inc., Intertainment Media Inc.'s subsidiary, to form a new subsidiary to further develop each other's products. | |
2 February 2012 | Connemara Mining Company plc Hendrick Resources Ltd | The joint venture is intended to explore four gold licenses held by Connemara Mining Company plc on the Wicklow/Wexford border in Ireland. | |
1 February 2012 | Webb Capital PLC Markab Capital | The joint venture is intended to allow cross border transactions and Middle Eastern clients access to the London Stock Exchange. | |
30 January 2012 | Tata Global Beverages Limited Starbucks | The joint venture is intended to form a new joint venture company, Tata Starbucks Limited, which will operate Starbucks cafés and develop the business in India. | |
26 January 2012 | Media Corporation Plc Hippodrome Casino | The joint venture is intended to provide a suite of online gaming products, including online casino and poker games. | |
24 January 2012 | Playtech Limited Merkur Interactive GmbH | The joint venture is intended to develop an online gaming operation focused on new opportunities as the German online markets regulate. | |
24 January 2012 | Playtech Limited Peermont Group | The joint venture is intended to establish Peermont Group as a leading online gaming operator in the South African market. | |
4 January 2012 | Essex Woodlands Smith & Nephew plc | 51:49 joint venture between the parties to form a new joint venture company, Bioventus LLC | The joint venture is intended to further develop Smith & Nephew plc's biologics and clinical therapies division. The deal is valued at $258 million. |
3 January 2012 | Toumaz Limited Imagination Technologies Group plc | 75:25 joint venture between the parties to form a new joint venture company, Toumaz Microsystems | Toumaz Microsystems will focus on the design, development and sale of semiconductor chips and solutions for the growing and emerging embedded wireless connectivity market. |
3 January 2012 | Marine & Aviation S.p.A Jardine Lloyd Thompson Group plc Jardine Lloyd Thompson S.p.A | 75:25 joint venture between the parties to form a new joint venture company, Marine & Aviation JLT | Marine & Aviation JLT will form an independent insurance broker in Italy. The joint venture is intended to strengthen the services and product offerings of both organisations. |
For details of the recent summaries of AGM notices published on What's Market, see: