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FirstGroup squeezes out activist via a share sale

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Transport operator FirstGroup Has launched a takeover bid to eliminate Coast Capital Management, an activist fund that has successfully lobbyed to expel CEO Matthew Gregory.

FirstGroup has announced plans to return up to £ 500m to shareholders through a bid of 105p per share, a 9.2% premium against Tuesday’s closing price of 96.15p. Coast, a 12.8% shareholder, upheld the resolution and said it had made an irreparable promise to bid on its full stake.

New York-based coast Made a long campaign Includes promotion to First Group’s board and management to separate US and UK operations. Recently, the disposition of Sweden’s private-equity group EQT has significantly underestimated the business, saying it “smells heaven” and accuses management of failing to sell the US bus business for $ 3.1 billion. Did.

simply

Rishi Sunak, Finance Minister claims he was successful Moved the economy Throughout today’s Covid-19 crisis, we have announced a budget that combines new commitments to fiscal discipline with additional spending on essential public services and measures to address the living cost crisis.

Wicks, Home refurbishment retailers said they are on track to reach their full-year goals. Wicks said in a recent transaction statement that sales in the previous quarter were down 1.6% from the pandemic 2020 results, but up 16.3% compared to the same period in 2019.

Bloomsbury Publishing After achieving more than three times the half-year profit, we raised the interim dividend. The book publisher reported a six-month pre-tax profit of £ 11.1m, up £ 100.7m in revenue, up 29% from the previous year’s £ 3m. Bloomsbury pointed out that supply chain issues continue, but for the fiscal year ending February 2022, non-consumer titles provide isolation from the highly competitive Christmas, guidance. Was repeated.

Package travel agency On the beach Despite the recent increase in bookings, he said he was still unable to provide financial guidance for the 2022 fiscal year ending in September. The company’s year-end renewal provided no financial indicators other than reporting cash, except for customer deposits in excess of £ 55m and unused credit lines of £ 75m.

AvevaIndustrial software maker said its underlying intrinsic revenues increased by 9% in the six months to September. The company said in a six-month transaction update that all business units have improved their total fees due to “especially strong” contributions from the recently acquired OSIsoft business.

Home emergency support service HomeServe He said he had agreed to buy a British peer, CET Structure, for £ 53m.

Beyond square miles

alphabet, Google’s parent company, and Microsoft Post both Strong earnings growth In the third quarter, Twitter lost money as three US tech companies announced results.

Banco Santander Reported profit of 2.2 billion euros Third quarterSpanish lenders are 24% ahead of the same period last year, benefiting from relative strength and digitization in the US and UK markets.

Deutsche BankNet income attributable to shareholders increased by 7% to € 194 million. Exceed analysts’ expectations 135 million euros. The M & A boom and the significant year-on-year decline in allowance for doubtful accounts helped offset the decline in trading returns.

Gazprom Former Soviet Republic Coordinate free trade agreements With the European Union, delaying the reform of the energy market has agreed with Brussels in exchange for cheaper gas for the country.

Spanish national railway company Renfe Considering operation New high speed rail link A move to compete directly with Eurostar between London and Paris.

EQT is exploring potential acquisitions Temenos, People who are familiar with the problem Told Bloomberg.. The Stockholm-based buyout group reported that it was in the early stages of considering bidding on a $ 9.9 billion Swiss banking software specialist.

Important comments before going

Martin wolf to call For urgent action Prior to the COP26 Climate Summit. “The pledge of” Net Zero “in 30 years is too easy. Instead, emissions need to be reduced by nearly 40% by 2030. The emission curve must now be bent downwards. “

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