Future for Sporting Index revealed October 19, 2005 Private equity firm HgCapital’s growth plans for new charge Sporting Index include bolt-on acquisitions and gaining a foothold in key cities abroad. HgCapital head of leisure investments Ben Hewetson said: “We will be looking at acquisitions from day one. The (British) spread betting business continues to improve its performance but one of the most exciting [...]
JC Flowers seals Refco futures deal October 19, 2005 American hedge fund Refco has thrashed out a deal to sell its core futures brokerage to a consortium led by JC Flowers and has decided to put the rest of the company into Chapter 11 bankruptcy protection. The beleaguered company agreed heads of terms for a $768m (£440m) deal to sell the division yesterday. Also [...]
Takeover bid for Easynet October 18, 2005 Easynet, the internet service provider, confirmed yesterday an approach by an unnamed bidder, widely believed to be BSkyB. When the London Stock Exchange opened, Easynet’s shares leaped 25 per cent on the news. The broadband operator is believed to be close to a deal with the Murdoch empire, for an offer price around £150m. It [...]
Co-op shutting up shop October 18, 2005 The Co-op is in talks to sell two thirds of its loss-making department stores to Anglia Regional Co-operative Society as it prepares to exit the business. The food to funerals business intends to dispose of its 36-strong regional department store division within two years. It will close the 10 worst performing stores in February with [...]
Terra Firma bid goes on October 18, 2005 The Takeover Panel told financier Guy Hands yesterday that his investment vehicle Terra Firma could not back out of a £453m bid to buy power business East Surrey Holdings. Kellen Acquisitions, which is wholly owned by Terra Firma, had been trying to back out of an offer that it made on 8 April to buy [...]
Alstom tube contract under threat October 18, 2005 Transport for London, the body responsible for public transport in the capital, will seek legal advice this week in a bid to break the French company Alstom’s 20-year, £429m contract to build and maintain trains on the Northern Line. The Northern Line was suspended last Thursday after unions raised safety concerns about the emergency braking [...]
Refco: who else was to blame? October 18, 2005 Embattled American hedge fund Refco has widened its investigation into who was at fault for the $430m (£243m) black hole in its books. In addition to the suspended former CEO Phillip Bennett and implicated senior executive Santo Maggio, the fund is believed to be looking at workers in data entry or finance departments who may [...]
More shots fired in Rentokil battle October 18, 2005 Sir Gerry Robinson’s attempt to seize control of Rentokil’s board descended into a war of words yesterday as the two sides traded statements. Five minutes before the Takeover Panel’s “put up or shut up” order expired, Robinson’s takeover vehicle Raphoe Management announced that it had decided it was not necessary to make a takeover offer. [...]
BSkyB makes its move into broadband October 17, 2005 Satellite broadcaster BSkyB is getting ready to make its play against cable rivals by acquiring high-speed internet provider Easynet this week for around £150m. The purchase will allow the broadcaster to offer what observers call the “triple play” of services into the home: broadband, video-ondemand and telephony, setting it in direct competition against rivals such [...]
‘Tiny’ brothers facing investigation October 17, 2005 The Mohsan Brothers face a possible claim from Grant Thornton following the accountant’s investigation into the Asian entrepreneurs’ insolvent IT company, Granville Technology. The brothers, who were once worth an estimated £175m, could also be barred from acting as directors of British companies if the Department of Trade and Industry (DTI) decides to bring a [...]