Category Archives: Mergers and acquisitions

Kingsmill owner to buy Hovis in £75m deal to create UK’s biggest bread brand

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Jobs expected to go if competition watchdog approves takeover by Associated British Foods

The owner of Kingsmill has agreed to buy its rival Hovis in a deal worth an estimated £75m that could create the UK’s biggest bread brand if the competition regulator approves it, but also put jobs at risk.

The deal comes after decades of decline in the popularity of the packaged sliced loaf, with Hovis, owned by the private equity company Endless, and its rival Kingsmill – part of Associated British Foods (ABF) – struggling to get out of the red for some years.

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Competition watchdog to investigate Evri merger with DHL’s UK parcel arm

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CMA to decide whether deal will substantially lessen competition in delivery market

The UK’s competition watchdog has announced an investigation into the proposed merger of the delivery company Evri with DHL’s UK e-commerce business, a deal set to create one of the biggest parcel couriers in Britain.

The Competition and Markets Authority (CMA) said on Wednesday it was investigating Evri’s purchase of DHL eCommerce UK, as well as the parent company DHL Group’s acquisition of a minority stake in Evri.

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BT considers takeover move for struggling rival TalkTalk

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TalkTalk has been hit by financial difficulties and customer exodus but it is thought no approach has been made

BT is weighing up a potential takeover of the rival telecoms and broadband company TalkTalk, which is struggling amid financial difficulties and a customer exodus.

The UK’s biggest broadband provider is understood to have discussed the strategic possibility of buying TalkTalk. However, it is understood no approach has been made or talks held with TalkTalk, and that bankers have not been asked to draw up takeover plans.

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FTC drops case over Microsoft’s $69bn Activision Blizzard acquisition

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Microsoft president declares ‘victory’ in Call of Duty maker deal as FTC chair says case doesn’t fit with Trump’s agenda

The US Federal Trade Commission dropped a case that sought to block Microsoft’s $69bn purchase of the Call of Duty maker Activision Blizzard, saying on Thursday that pursuing the case against the long-closed deal was not in the public interest.

Andrew Ferguson, the FTC chair, is seeking to use the agency’s resources for cases that fit with Donald Trump’s agenda, such as an investigation related to whether advertisers colluded to spend less on X.

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Decision on foreign state stakes in UK press could end Telegraph limbo

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Cap of 15% could allow US firm RedBird Capital to finalise deal to buy titles after two years of uncertainty

The government will allow foreign states to own stakes of up to 15% in British newspapers in a move that could finally end two years of uncertainty over the ownership of the Telegraph titles.

The Department for Culture, Media and Sport is to announce the limit on Thursday through the introduction of a new statutory instrument in parliament, ending a months-long consultation involving intensive lobbying by newspaper owners.

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RedBird Capital confident of tabling a deal to take control of Telegraph

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Guardian understands plan from US private equity firm to form a consortium or self-fund could come as soon as next month

The US private equity firm RedBird Capital is confident of tabling a deal to take control of the Daily and Sunday Telegraph as soon as next month, in an attempt to end two years of “paralysis and unhappiness” at the 170-year-old titles.

The firm’s founder, Gerry Cardinale, is personally involved in drafting a plan to either form a consortium or self-fund a takeover at Telegraph Media Group, the Guardian understands.

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Prada buys Versace in €1.25bn deal uniting Italy’s biggest fashion brands

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Prada has secured Versace at a €180m discount amid market turmoil and after months of speculation

Prada has agreed to buy the Versace fashion brand for €1.25bn ($1.38bn) from the fashion conglomerate Capri Holdings.

It comes after months of speculation about a potential deal to combine the two Italian fashion houses and, more recently, rumours that the acquisition was set to collapse after market upheaval in response to President Trump’s tariff policies.

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Wild co-founders ‘land £100m’ from sale of natural deodorant maker

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Childhood friends sell upmarket brand to Unilever, the maker of Dove soap, Axe deodorant and Marmite

A pair of UK entrepreneurs selling refillable deodorant cases and manuka honey lip balms made from natural ingredients have reportedly landed a near-£100m payday from the sale of their brand to the global consumer goods group Unilever.

Wild, founded by childhood friends Freddy Ward and Charlie Bowes-Lyon, has been bought by Unilever, the maker of Dove soap, Axe deodorant and Marmite.

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WH Smith name to disappear from high street in agreed £76m sale to Modella

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Under terms of deal with Hobbycraft owner, 233-year-old brand will become TGJones

WH Smith is to sell its 480 retail stores to the Hobbycraft owner, Modella Capital, in a deal worth £76m, and has confirmed that the 233-year-old brand will disappear from the high street after a “short transitional period”.

Under the terms of the deal, the high street business, which employs 5,000 staff, will be rebranded as TGJones. WH Smith is retaining its brand for its travel shops.

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US owner of UK pharmacy chain Boots to be taken private in $10bn deal

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Walgreens Boots Alliance sold to Sycamore Partners and ends almost a century of trading on public markets

The US owner of the high street pharmacy chain Boots is to be taken private in a $10bn (£7.8bn) deal that will bring an end to almost a century of trading on public markets for Walgreens Boots Alliance.

The company, which operates more than 1,800 Boots stores in the UK, has been sold to the US private equity firm Sycamore Partners after struggling in the internet era as customers have turned to online shopping for cheaper products.

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Just Eat Takeaway.com bought by South Africa’s Prosus in €4bn deal

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Food delivery group’s board approves takeover by investor in German rival Delivery Hero

The food delivery business Just Eat Takeaway.com has been snapped up by an investor in its German rival Delivery Hero for €4.1bn (£3.4bn), two months after it left the London Stock Exchange.

Just Eat’s board has unanimously approved the takeover by the South African-owned internet investor Prosus, in an all-cash deal six years after Prosusmade its first effort to buy the British part of the business.

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OpenAI rejects $97.4bn Musk bid and says company is not for sale

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Maker of ChatGPT rebuffs consortium led by Tesla owner and rejects ‘latest attempt to disrupt his competition’

OpenAI on Friday rejected a $97.4bn bid from a consortium led by billionaire Elon Musk for the ChatGPT maker, saying the startup is not for sale.

The unsolicited approach is Musk’s latest attempt to block the startup he co-founded with CEO Sam Altman – but later left – from becoming a for-profit firm, as it looks to secure more capital and stay ahead in the AI race.

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Good Energy agrees near-£100m takeover by UAE-linked firm

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Esyasoft to acquire UK company, which supplies renewable power to about 245,000 households and businesses

A British green electricity supplier, Good Energy, has agreed a near-£100m takeover by a company controlled by a member of Abu Dhabi’s ruling family.

The retail energy company said on Monday it had agreed a deal with the Dubai-headquartered Esyasoft for a cash offer of £4.90 a share, valuing it at £99.4m.

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New year, new deal: the buyout boom poised to take over City lawyers’ lives

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Around-the-clock work will be commonplace to tackle an M&A surge fuelled by tax changes, activist investors … and the Trump factor

Whether they’re on skis or a sunlounger, there is no beach, mountain or fireside that can spare lawyers from the urgent calls of zealous, dealmaking executives and private equity bosses. After a breathless 2024, the City’s army of corporate lawyers are set for another year of masking their poolside backgrounds on video calls, braced for an even busier 2025.

“Sadly, we were incredibly busy in July and August. We were both on holiday and working up to 14 hours a day,” says Patrick Sarch, partner at law firm White & Case and head of its public mergers and acquisitions (M&A) division. He and Sonica Tolani, another partner at the same firm, specialise in advising activist investors.

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Boss of takeover target Direct Line wants time to turn around insurer

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New management at struggling firm, which rejected £3.3bn bid from Aviva, ‘making excellent progress’, says CEO

The Direct Line chief executive, Adam Winslow, has appealed to shareholders to give his team more time to turn around the struggling insurer, faced with an unsolicited £3.3bn offer from Aviva, while its bigger rival is trying hard to drum up support from investors for the takeover.

The two companies – the UK’s biggest insurer, Aviva, and the Churchill owner, Direct Line, known for motor cover and its red phone on wheels mascot – are facing off in a takeover tussle that has sent the Direct Line share price soaring, amid speculation that Aviva could raise its offer or launch a hostile bid, or face a counterbid.

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UK hospitality group Loungers to be bought by US firm for £338m

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London-listed company strikes deal with Fortress Investment Group, although shareholder approval needed

The cafe bar business Loungers has agreed to be bought by a US investment group in a deal that values it at about £338m.

Fortress Investment Group said it had made an offer for the UK hospitality group through a newly formed investment vehicle.

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UK watchdog formally investigates Carlsberg’s £3.3bn takeover of Britvic

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CMA sets 18 December deadline for initial review as it considers whether deal could reduce competition

The UK’s competition watchdog has launched a formal investigation into the £3.3bn takeover of the UK soft drinks maker Britvic by the Danish brewer Carlsberg.

The Competition and Markets Authority (CMA) has set a deadline of 18 December for the first phase of its investigation into the deal.

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France warns US buyer of Sanofi division of penalties for shifting production abroad

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Private equity firm CD&R revealed to be in exclusive talks to buy 50% stake in consumer healthcare arm Opella

The French government has warned a US private equity firm buying the consumer healthcare arm of the drugmaker Sanofi that it faces penalties of more than €100m if it does not keep production and jobs in France.

Sanofi is splitting off Opella, which makes the paracetamol brand Doliprane, the laxative Dulcolax and other over-the-counter medicines and vitamins. However, news of talks with the New York-based Clayton, Dubilier & Rice on 11 October prompted fears about French jobs and the loss of control to a foreign company.

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Rightmove rejects £6.2bn takeover offer by Murdoch-backed real estate firm

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FTSE 100 firm turns down fourth offer from the Australian property company REA Group

Rightmove has rejected a £6.2bn takeover offer from REA Group, the Australian real estate firm backed by Rupert Murdoch’s News Corp.

The UK property portal told the City on Monday morning that its board had turned down REA’s fourth offer, having concluded it was “unattractive and materially undervalues Rightmove”.

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Rupert Murdoch’s REA Group raises offer to buy Rightmove to £6.2bn

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Australian group calls on Rightmove board to ‘engage now’ after fourth offer for UK online property portal

Rupert Murdoch’s REA Group has made a fourth attempt to buy Rightmove, increasing its offer to £6.2bn as it steps up its pursuit of the UK’s largest online property portal.

The Australian property group, which is controlled by News Corp, raised its cash and shares offer from the £6.1bn offered earlier this week and called on Rightmove’s board to “engage now” after it refused repeatedly to meet the suitor.

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