BGH lifts takeover offer for Village

Original article by Ben Wilmot
The Australian – Page: 21 : 20-Nov-20

BGH Capital is set to increase its takeover offer for Village Roadshow from $2.22 per share to $3, valuing its revised bid at $586m. Spheria Asset Management’s portfolio manager Matthew Booker has previously indicated that an offer of around $3 per share should satisfy shareholders; Spheria has a 7.8 per cent stake in Village. However, 14.34 per cent shareholder Mittleman Brothers is of the view that the revised offer still undervalues the cinemas and theme parks group.

CORPORATES
VILLAGE ROADSHOW LIMITED – ASX VRL, BGH CAPITAL PTY LTD, SPHERIA ASSET MANAGEMENT PTY LTD

Binding deed puts Amatil a step closer to European takeover

Original article by Sue Mitchell
The Australian Financial Review – Page: 29 : 5-Nov-20

Coca-Cola European Partners has completed due diligence on Coca-Cola Amatil and entered into a binding scheme implementation deed with the Australian-listed company. The proposed $9bn takeover requires the support of at least 75 per cent of CCA shareholders and approval from the Foreign Investment Review Board. Shareholders are likely to vote on the scheme of arrangement in March. Some of CCA’s institutional shareholders consider the cash offer of $12.75 per share to be opportunistic.

CORPORATES
COCA-COLA AMATIL LIMITED – ASX CCL, COCA-COLA EUROPEAN PARTNERS PLC, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD

US fund Ares in AMP buyout talks

Original article by Bridget Carter, Lachlan Moffet Gray
The Australian – Page: 13 & 20 : 30-Oct-20

New York Stock Exchange-listed private equity firm Ares Management has been given access to AMP’s data room and is said to be considering a full takeover play. Ares boasts more than $US149bn ($211.3bn) in assets under management, and CEO Michael Arougheti has flagged the potential for acquisitions in the Asia-Pacific region. AMP recently announced a portfolio review, which could result in the sale of all or part of the business. AMP’s market capitalisation is about $4.4bn, based on the stock’s closing price of $1.28 on 29 October.

CORPORATES
AMP LIMITED – ASX AMP, ARES MANAGEMENT CORPORATION

Amatil chiefs back $9.3bn takeover bid

Original article by Eli Greenblat
The Australian – Page: 13 & 16 : 27-Oct-20

Shares in Coca-Cola Amatil closed 16.28 per cent higher at $12.50 on 26 October, after its independent directors endorsed a takeover proposal from Coca-Cola European Partners. The cash offer of $12.75 per share also has the support of CC Amatil’s chair Ilana Atlas and CEO Alison Watkins, as well as 30.4 per cent shareholder The Coca-Cola Company. Atlas says the board decided to recommend the $9.3bn bid after assessing the company’s earnings outlook.

CORPORATES
COCA-COLA AMATIL LIMITED – ASX CCL, COCA-COLA EUROPEAN PARTNERS, THE COCA-COLA COMPANY

CC Amatil and Coke Europe in merger talks

Original article by Sue Mitchell
The Australian Financial Review – Page: 14 & 20 : 26-Oct-20

Shares in Coca-Cola Amatil were placed in a trading halt on 23 October, pending an announcement on a "potential material transaction". Bloomberg has reported that the beverages group is in advanced talks with Coca-Cola European Partners regarding a takeover proposal that could be worth around $10bn. The Coca-Cola Company has a 30.4 per cent stake in CCA and a 19.3 per cent stake in CCEP, positioning it to play a key role in any deal that emerges. A takeover of Australia’s largest non-alcoholic beverage would most likely need to be approved by the Foreign Investment Review Board.

CORPORATES
COCA-COLA AMATIL LIMITED – ASX CCL, COCA-COLA EUROPEAN PARTNERS, THE COCA-COLA COMPANY, BLOOMBERG LP, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD

Seven floated merger with ViacomCBS’ Ten

Original article by Zoe Samios
The Age – Page: Online : 26-Oct-20

Sources have indicated that Seven West Media chairman Kerry Stokes held informal talks earlier in 2020 about a potential merger with the rival Ten Network. The discussions between Stokes and ViacomCBS president and CEO Bob Bakish are said to have ended after they agreed that such a deal would not be possible under Australia’s existing media ownership rules. Any such deal would also have faced scrutiny by the Australian Competition & Consumer Commission. The talks have heightened speculation that Stokes may be keen to exit the media sector.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, TEN NETWORK HOLDINGS LIMITED, VIACOMCBS INCORPORATED

AGL buys Amaysim energy unit

Original article by Perry Williams
The Australian – Page: 18 : 1-Sep-20

AGL Energy’s customer base will increase by 215,000 to 4.2 million following a deal to buy Click Energy from listed telco Amaysim. The $115m deal will be financed via AGL’s existing debt facilities. Amaysim CEO Peter O’Connell says trading conditions in the electricity sector are challenging at present, with a further increase in bad debts likely. Meanwhile, Amaysim has posted a 2019-20 underlying profit of $600,000; this follows a $7.1m loss previously.

CORPORATES
AGL ENERGY LIMITED – ASX AGL, AMAYSIM AUSTRALIA LIMITED – ASX AYS, CLICK ENERGY

Giant IOOF to lift its game after MLC buy

Original article by Cliona O’Dowd
The Australian – Page: 17 & 19 : 1-Sep-20

IOOF Holdings has reported a 2019-20 underlying net profit of $128.8m, which is 35 per cent lower than previously, with revenue up 10 per cent at $1.17bn. Meanwhile, IOOF will boast $510bn worth of funds under management following its deal to acquire MLC, making it Australia’s largest retail wealth manager. CEO Renato Mota says the $1.4bn deal is ‘transformational’ for both IOOF and the broader wealth management industry. The deal with National Australia Bank will be partially funded via a $1.04bn capital raising.

CORPORATES
IOOF HOLDINGS LIMITED – ASX IFL, MLC LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Pandemic pressure for super mergers

Original article by Cliona O’Dowd
The Australian – Page: 13 & 17 : 27-Jul-20

The balanced options of Equipsuper and Catholic Super achieved positive returns in 2019-20, despite the impact of the coronavirus pandemic. The two funds merged in 2019, and boast a combined $26bn worth of funds under management. Scott Cameron, the CEO of the Equipsuper -Catholic Super, says his target is still to have $50bn of funds under management within five years. He has flagged another merger deal within months, and expects COVID-19 to lead to further consolidation in the super sector.

CORPORATES
EQUIPSUPER PTY LTD, CATHOLIC SUPER

Capital raising rush far from over

Original article by Joyce Moullakis
The Australian – Page: 13 & 19 : 1-Jul-20

Data from Refinitiv shows that Australian-listed companies raised $US14.9bn ($21.8bn) via the issuance of new shares in the June quarter, as they sought to boost their balance sheets in response to the coronavirus pandemic. This is the highest quarterly total since late 2010, while some $US18.8bn worth of new shares were issued in the first half of calendar 2020. Fund managers generally expect the capital raisings momentum to be maintained in the second half. Meanwhile, the total value of mergers and acquisitions fell to $US24.9bn in the first half of 2020, compared with $US48.2bn for the first half of 2019.

CORPORATES
REFINITIV AUSTRALIA PTY LTD