Fundraisings and takeovers both require shareholder approval before they can proceed. Investors can keep up to date with corporate activity among UK companies by following the links in the tables below.
US casino operator Bally’s (US:BALY) has now made a firm 1,850p per share takeover offer for Jackpotjoy-owner Gamesys (GYS). The bid is a 14 per cent premium to Gamesys’ closing price on 23 March, valuing the group at just over £2bn. Gamesys still intends to pay a 28p per share final dividend for 2020, and if the deal has not completed before 9 September, it plans to declare an interim dividend of up to 15p per share as well. Bally’s has already received irrevocable undertakings from a third of Gamesys’ shareholders.
Meanwhile, Kaz Minerals (KAZ) is set to go private after the third buyout offer from chairman Oleg Novachuk and major shareholder Vladimir Kim proved sufficient to gain over 75 per cent shareholder support. The shares are expected to delist on 11 May.
Acquisitions and disposals
Anglo American (AAL) has unveiled plans to spin off its thermal coal assets into a separate company – known as Thungela Resources – that will be listed in Johannesburg and London. Subject to approval at the AGM on 5 May, each Anglo shareholder will get one Thungela share for every 10 Anglo shares they own.
Hammerson (HMSO) has confirmed that it is in discussions with Canadian private equity firm Brookfield over the sale of its seven retail parks. It had attempted to sell the portfolio to Orion for £400m last year, but the private equity group walked away from the deal. These retail park assets were valued at £384m at the end of December.
TUI (TUI) has raised €400m (£348m) via a convertible bond offering to institutional investors and will use the proceeds to improve liquidity and repay existing debt. But Jefferies analyst Becky Lane warns that “with still low liquidity given refund risk, high debt and significant maturities in 2022, this is a very short-term and insufficient liquidity fix.” Indeed, the travel operator is sitting on more than €7bn of net debt and burning through €250m-350m of cash each month. It has already received three support packages backed by the German government since this crisis began.