Upstream Takeover Rumours (UPS)

Alpha Financial Markets confirms BridgePoint takeover proposal (Alliance News) - Alpha Financial Markets Consulting PLC shares soared on Wednesday, as it confirmed that BridgePoint Advisers Ltd is considering a cash offer. Shares in Alpha Financial traded 40% higher at 468.75 pence late on Wednesday morning in London. The Paris-based asset and wealth management and insurance consultancy said it was responding to media reports. It confirmed the non-binding indicative proposal from BridgePoint, regarding a possible offer for its entire share capital. Alpha Financial said Cinven Ltd is also "considering a possible offer", but has not yet submitted any indicative proposal. Alpha Financial said BridgePoint has until May 29 to announce its firm intention to make a takeover offer or to announce it does intend to make an offer, as does Cinven. The company confirmed that it "is now in an offer period".

SATURDAY PAPERS Top stories The Times: The London stock market has suffered a fresh blow, with Darktrace, one of its few significant listed technology companies, agreeing to be taken over by an American private equity firm, Thoma Bravo, for £4.4bn in cash. The Times: Anglo American has formally rejected a £31bn takeover offer from BHP that would have created the world’s biggest copper miner, calling the approach ‘opportunistic and unattractive’. Financial Times: The combined market value of Microsoft and Google’s owner Alphabet rose by more than $250bn yesterday after each reported double digit revenue growth in the first quarter.

Electric Guitar proposes listing on AIM alongside reverse takeover (Alliance News) - Electric Guitar PLC on Thursday said it intends to de-list from the standard segment of the Official List and Main Market of the London Stock Exchange. The Reading, England-based digital marketing acquisition company remains in the process of acquiring Bristol-based peer 3radical Ltd through a reverse takeover. The company has now decided to pursue an application for admission to trading on AIM in conjunction with the acquisition with the de-listing taking place no sooner than May 1. The official de-listing date is to be confirmed by the end of April. Electric Guitar shares are currently suspended.

Tanzanian authority approves Saturn's Shanta Gold takeover SHG 14.375p +0125p Shanta Gold Ltd - East Africa-focused gold producer - Says that unconditional approval has been received from the Tanzanian Fair Competition Commission for its acquisition by Saturn Resources Ltd. In March, Saturn increased its offer for Shanta to 14.85 pence per share, valuing the company at around GBP156.1 million. On Thursday, Shanta shareholders voted in favour of the acquisition by the Africa-focused resource developer, and the company expects the deal to become effective within the first half of 2024. The takeover remains conditional on, among other things, receipt of regulatory approvals from the Tanzanian mining commission and the Kenyan cabinet secretary for Mining, Blue Economy and Maritime Affairs.

SATURDAY'S PAPERS Share tips, comment and bids Financial Times: Swiss agricultural chemicals company Syngenta has called off a $9bn Shanghai listing. The Times: HSBC will receive a boost of almost $5bn in its results next month after completing the sale of its Canadian banking business to Royal Bank of Canada for $10.1bn. Daily Mail: The takeover battle for Spirent has escalated as bidder Viavi took a swipe at its rival Keysight, warning a rival bid would leave customers worse off. Financial Times: Aardvark Therapeutic, a US biotech group developing weight-loss pill, is planning to raise up to $200m in an initial public offering. The Daily Telegraph (Comment): How Thames Water’s demands for higher bills took it to the brink. The Daily Telegraph (Comment): America’s infrastructure is crumbling and it’s too broke to fix it.

S4 Capital received no credible approach, Martin Sorrell says LONDON, March 27 (Reuters) - S4 Capital had received no credible takeover approach, Executive Chairman Martin Sorrell said when asked about a recent Wall Street Journal report saying he had turned down approaches from private equity and U.S. rival Stagwell. "We received nothing credible," Sorrell said in an interview after his ad group published results on Wednesday. "We control our own destiny," he added.

UK's CMA to seeks views on Barratt £2.5bn Redrow takeover (Sharecast News) - UK competition regulators on Friday said they were taking an initial look into Barratt's £2.52bn takeover of homebuilding rival Redrow. The Competition and Markets Authority (CMA) said it was seeking initial views on how the deal could impact competition in the UK. Its invitation to comment closes on April 2 after which it will decide to launch a full investigation. The two companies last month reached agreed to an all-share offer from Barratt, which would consolidate its position as Britain's largest housebuilder. Barratt will control the merged group - to be renamed Barratt Redrow - with a 67.2% stake, while Redrow shareholders keep the remaining 32.8%. Redrow investors will receive 1.44 new Barratt shares for their own stock. The terms also imply a premium of 27.2% to the closing price per Redrow Share of 600p on February 6.

Smartspace Software PLC, up 17% at 87.90 pence, 12-month range 33.25p-90.00p. The developer of smart software solutions agrees to a GBP28.4 million takeover by Sign In Solutions Inc. Sign In will pay 90p per Smartspace shares. In February, Skedda Holdings Inc pulled out of the running to make a bid. It had a proposed an 82p per share deal in December, though that was trumped by Sign In's indicative offer of 90p. Smartspace currently has a market capitalisation of GBP25.4 million.

SUNDAY PAPERS: Top stories The Sunday Times: Richard Branson stands to receive at least £250m from Nationwide as an ‘exit fee’ when the building society stops using the Virgin Money brand after its takeover of the struggling challenger bank. The Sunday Times: Direct Line’s new boss Adam Winslow is expected to bring forward some of his plans for turning round the troubled insurer as he fends off a £3.1bn takeover bid from Belgian rival Ageas.

SATURDAY PAPERS: Share tips, comment and bids Daily Mail: Pollen Street Capital is set to be buy AIM-listed wealth manager Mattioli Woods in an all-cash deal worth £432m. Daily Mail: Mondi has confirmed plans to acquire rival DS Smith in a £5.1bn deal that would create a European packaging heavyweight. The Times: Impressive results from Just Group have stoked speculation that the specialist insurer could be the next London-listed financial services company to receive a takeover bid. The Times: The Competition and Markets Authority said it believed that competition could be harmed by plans from the maker of the Tate & Lyle brand to acquire the owner of the Whitworths brand. The Daily Telegraph (Comment): How decades of higher welfare spending left Europe at the mercy of Putin.

SATURDAY PAPERS Share tips, comment and bids The Times: The government has approved the sale of Newport Wafer Fab, Britain’s biggest computer chip manufacturer, to Vishay Intertechnology, an American semiconductor business. The Guardian: Bosses at the UK haulage company Wincanton have thrown their support behind a £762m takeover offer from the US logistics business GXO and dropped their backing for a rival bid. The Daily Telegraph (Comment): Central banks cannot fight recession and a credit bubble at the same time.

SUNDAY PAPERS Top stories The Sunday Times: Barclays is expected to hand its embattled shareholders as much as £9bn over the next three years as a part of a turnaround plan to be unveiled by its chief executive on Tuesday. The Sunday Telegraph: Aurelius, the German buyout specialist, the dealmaker who helped to spearhead the private equity takeover of The Body Shop, has left abruptly after the retailer collapsed just three months later.

SATURDAY PAPERS Share tips, comment and bids Financial Times: RedBird IMI has agreed to acquire All3Media, the London-based TV and film production company. The Guardian: The Abu Dhabi-backed company that is trying to take over the Telegraph newspapers has announced a £1.15bn deal to buy the production company behind Fleabag and the Traitors. The Daily Telegraph: The United Arab Emirates has pledged unmatchable investment in The Telegraph if its planned takeover is allowed, in its first public comments on the controversy over its potential threat to press freedom. The Daily Telegraph: A member of the Barclay family has called in estate agents to sell off more than 100 properties on Sark, as part of efforts to raise cash under the threat of bankruptcy. The Times (Comment): The Magnificent Seven dominate, but how long can their ride last?

Arix Bioscience shares suspended ahead of RTW takeover Arix Bioscience PLC - London-based venture capital firm focused on biotechnology companies - Shares suspended from the London Stock Exchange amid the company's acquisition by RTW Biotech Opportunities Ltd, a New York-based investment firm focused on the life sciences sector. In November, RTW agreed to acquire the entirety of Arix's assets, with shareholders receiving 1.4633 RTW shares for each share in the company. RTW also provided a cash exit to Arix's largest shareholder, Acacia Research Corp, which has been given a total of USD57.1 million in exchange for its 26% stake in the company. Arix stock price: 144.00 pence each on Friday

DP Eurasia to axe listing as Jubilant bid gets 76% backing DP Eurasia NV - master franchisee of the Domino's Pizza brand in Turkey, Azerbaijan, and Georgia - Jubilant Foodworks Netherlands BV reports acceptances from shareholders representing 76% of DP Eurasia shares. Accordingly, the listing of DP Eurasia shares on the premium listing segment of the Official List and the trading of DP Eurasia Shares on the London Stock Exchange's Main Market is to be cancelled. This will take effect on February 27. Jubilant Foodworks urges remaining shareholders to accept increased bid. Earlier January, DP Eurasia received a final takeover offer from Jubilant worth GBP161 million 110 pence per share. Current stock price: 110 pence

DX Group agrees to takeover by private equity firm HIG DX Group PLC - Slough, England-based parcel delivery company - Says that a proposed acquisition of its entire share capital by HIG Capital LLC has been approved at two meetings held on Tuesday. 96% of votes were cast in favour of the acquisition at both meetings. In November, the company agreed to a cash takeover by Transit Bidco Ltd, a subsidiary of funds managed by HIG, for around GBP314.8 million. According to the deal, DX shareholders will be entitled to receive 48.5 pence per share. The acquisition will be implemented by way of a court-sanctioned arrangement scheme. DX expects the scheme to become effective on January 29, with shares cancelled from admission to trading on the AIM market of the London Stock Exchange on January 30. Current stock price: 47.15 pence each, up 0.3% in London on Tuesday afternoon.

SUNDAY PAPERS Top stories The Sunday Times: John Lewis and Waitrose will refocus on department stores and supermarkets again after a controversial shift to housebuilding under Dame Sharon White, the outgoing chairwoman. The Sunday Times: The HS2 railway is facing a cost increase of tens of millions of pounds after ordering train carriages without enough doors.

SATURDAY PAPERS Top stories The Times: The speed of the decline in inflation in the US is ‘remarkable’, analysts said, after figures favoured by the US Federal Reserve strengthened the case for a sharp cut in interest rates next year. The Times: The government is facing an acrimonious row over who would control a sale of the Telegraph newspapers if an Abu Dhabi-backed takeover is blocked.

Smart Metering Systems shareholder group opposes KKR offer Smart Metering Systems PLC - Glasgow-based utility connection, smart metering and energy management provider - Shareholders representing a 17.8% stake in SMS, including two founders, say they oppose the GBP1.4 billion takeover offer that the SMS board agreed to earlier this month. Funds advised by private equity firm Kohlberg Kravis Roberts & Co LP offered 955 pence in cash per SMS share, which gives a GBP1.3 billion equity value and GBP1.4 billion enterprise value to all of SMS. Primestone Capital LLP, together with Alan Foy and Steve Timoney, say they are "disappointed" with the offer price and intend to vote against it. Primestone has a 9.8% stake, with the two founders holding 8.1% via investment vehicles. Current stock price: 916.00 pence, down 4.4%

Dial Square to kick off AIM trading next week amid EnergyPathways deal (Alliance News) - Dial Square Investments PLC on Thursday said it will raise GBP2.0 million as part of its reverse takeover of EnergyPathways Ltd and subsequent relisting. The Manchester-based investment vehicle in November said it would move to AIM from London's Main Market and rename itself as EnergyPathways PLC following the acquisition of the company, which has a 100% interest in block 110/4a of seaward licence P2490 that contains the Marram gas field. This offshore field, discovered in 1993, is close to existing infrastructure in UK waters, west of the UK mainland. The asset is considered 'ready-to-go', and EnergyPathways is targeting first gas in 2025. Dial Square said it will have a GBP6.3 million market capitalisation on admission. The expected admission date is next week Wednesday.

Lansdowne Oil & Gas launches new share placing Lansdowne Oil & Gas PLC - North Celtic Sea-focused oil and gas company - Places 40.0 million firm shares and 160.0 million conditional shares at 0.1 pence each, to raise GBP200,000. Placing of conditional shares depends on passing "certain resolutions" at upcoming general meeting on December 29. Company will use proceeds to meet expected working capital requirements through to the end of June 2024. It was designated an AIM Rule 15 cash shell on September 20, and must achieve a reverse takeover by March 20. Current stock price: 0.11p, down 12% on Thursday afternoon in London

Kin & Carta shares rise on "increased and final" takeover offer (Alliance News) - Kin & Carta PLC on Thursday said it and a group of Apax Partners LLP funds have agreed on an increased cash offer which values it at GBP258 million. Shares in Kin & Carta were trading 8.3% higher at 112.00 pence each that morning in London. In mid-September, the London-based business software consultancy said it and the funds, advised by London-based private equity investor Apax, had agreed on a cash offer valuing its share capital at 110 pence per share. On Thursday, however, Kin & Carta said the parties have reached agreement on an "increased and final" offer, with shareholders now entitled to receive 120p per share. Kin & Carta said this new bid values its entire share capital at approximately GBP220.3 million on a fully diluted basis, and implies an enterprise value of GBP258 million.

OnTheMarket shareholders vote for GBP99 million takeover OnTheMarket PLC - Aldershot, Hampshire-based property listing website - Says that shareholders voted for its takeover at its annual general meeting Monday. In October, OnTheMarket said it had agreed to a takeover from indirect CoStar Group Inc subsidiary CoStar UK Ltd for around GBP99 million. CoStar is a Washington, DC-based online real estate marketplace, information and analytics provider in the commercial and residential property sector. Says the special resolution was approved by 98% of shareholders. Current stock price: 108.00 pence

Australia's Adore Beauty rejects takeover proposal from THG (Sharecast News) - Australia's Adore Beauty confirmed on Monday that it had rejected a takeover proposal from British ecommerce group THG. Responding to press speculation, Adore said it had received a non-binding, conditional and indicative proposal from THG at AUD1.25 to AUD1.30 per share in cash. The proposal was subject to various conditions including due diligence. "Following a review of the terms of the proposal with the assistance of its financial and legal advisers, the board of Adore Beauty concluded that the proposal undervalued the company, was unable to be implemented, and was not in the best interests of shareholders," it said. "For these reasons, the board rejected the proposal. The board is focused on maximising value for all shareholders." Shares in Adore surged 20% on the news.

STM agrees to GBP40 million takeover by Pension SuperFund STM Group PLC - London-based cross-border financial services provider, operating in the UK, Gibraltar, Malta, Spain and Australia - Agrees to takeover offer from Pension SuperFund Capital. The offer includes 60 pence per share in immediate cash and 7p in deferred consideration. The combined 67p matches the price at which STM previously had received undertakings from some shareholders to accept an offer. In total, 36% of STM shareholders have accepted the offer already. It values STM at up to GBP39.8 million. London-based Pension SuperFund helps UK companies to fund their defined-benefit pension schemes, offering pension risk transfers. STM offers workplace pensions and self-invested personal pension schemes. The acquisition will be conducted as a court-sanctioned scheme of arrangement, which is expected to become effective in the first half of 2024. Current stock price: 58.00p, up 10% in London on Tuesday

MMAG 25.25 (6.50 / 34.67%%) / MusicMagpie confirms early takeover talks with BT, Aurelius (Sharecast News) - MusicMagpie confirmed on Monday that it is in early-stage talks with both BT Group and private equity investor Aurelius Group about a possible bid for the company. Responding to a media report, it said: "Discussions between the parties are ongoing and remain at a very early stage. "Accordingly, there can be no certainty that any offer for the company will be made from either of the parties, nor as to the terms of any such offer." The company, which sells second-hand phones and other tech, advised shareholders to take no action and said a further announcement will be made as appropriate. Under takeover rules, the two parties have until 1700 GMT on 18 December to either announce a firm intention to make an offer or walk away.

SATURDAY PAPERS Share tips, comment and bids The Daily Telegraph (Questor share tips): HOLD Regional Reit; HOLD Murray International. The Times: Peel Hunt, one of Arix Bioscience’s joint-brokers, quit on the morning it announced a contentious takeover deal in protest at its inequitable treatment of shareholders. The Guardian: Jim Ratcliffe is hopeful of completing a deal to buy a minority stake in Manchester United over the next fortnight. Financial Times (Lex): UK infrastructure: the country’s attractiveness as a destination for private capital is at an all-time low, warns an investor association.

R8 Capital plots July conclusion for Redwood acqusition (Alliance News) - R8 Capital Investments PLC on Friday said it expects its acquisition of Redwood Financial Partners Ltd to be sealed around the start of July. The longer timeframe is due to "certain financial and reporting workstreams" which need to be completed. Among those is an IFRS conversion exercise for RFPL unit Redwood Bank Ltd, a specialist business bank. "There can be no certainty that the transaction will complete and it remains subject to, amongst other things, formal terms being agreed and the completion of legal and financial due diligence and regulatory approvals," R8 said. R8 announced plans to acquire RFPL in October. Payment terms were not finalised at the time, though it said it expected to fork out in excess of GBP50 million, which would satisfied through the issue of new shares. The deal would constitute a reverse takeover, so R8 shares have been suspended.