MERGERS AND ACQUISITIONS – AUSTRALIA

ASIC not done yet in DJs battle

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Original article by Sue Mitchell
The Australian Financial Review – Page: 17/22 : 4-Jul-14

The Australian Securities & Investments Commission (ASIC) will carefully monitor the $A2.2 billion takeover bid for David Jones by South African retailer Woolworths. The regulator is concerned that major shareholder Solomon Lew will gain a collateral benefit from Woolworths’ accompanying offer for Country Road. ASIC failed to gain a court order for an independent valuation of the benefit. However, it has other options to force disclosure of information to David Jones shareholders

CORPORATES
DAVID JONES LIMITED – ASX DJS, COUNTRY ROAD LIMITED – ASX CTY, WOOLWORTHS HOLDINGS LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA, LONERGAN EDWARDS AND ASSOCIATES LIMITED

Goodman agrees cut-price takeover offer

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Original article by Blair Speedy
The Australian – Page: 19/25 : 3-Jul-14

The board of Goodman Fielder has unanimously recommended that shareholders vote in favour of a reduced takeover bid for the Australian-listed food manufacturer. Goodman chairman Steve Gregg said on 2 July 2014 that the offer was still attractive even after foreign suitors Wilmar and First Pacific reduced it by $A0.025 a share to $A0.675

CORPORATES
GOODMAN FIELDER LIMITED – ASX GFF, WILMAR INTERNATIONAL LIMITED, FIRST PACIFIC COMPANY LIMITED, ELLERSTON CAPITAL PTY LTD, PERPETUAL LIMITED – ASX PPT, DEUTSCHE BANK AG

Woolworths takes hard line with Lew over DJs bid

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Original article by Sue Mitchell
The Australian Financial Review – Page: 15/20 : 1-Jul-14

Woolworths has declared that its offers for David Jones and Country Road are "best and final". The South African company announced on 30 June 2014 that its bids of $A4 a share for David Jones and $A17 a share for Country Road will not be increased. It is not known yet how prominent investor Solomon Lew will respond to the announcement. Lew has stakes of 11.8 per cent in Country Road and 9.9 per cent in David Jones

CORPORATES
DAVID JONES LIMITED – ASX DJS, COUNTRY ROAD LIMITED – ASX CTY, WOOLWORTHS HOLDINGS LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. TAKEOVERS PANEL, DEUTSCHE BANK AG, GILBERT AND TOBIN LAWYERS, NM ROTHSCHILD AND SONS (AUSTRALIA) LIMITED

Surging M&A deals hit $70bn

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Original article by Michael Bennet
The Australian – Page: 17-18 : 30-Jun-14

Australian companies have announced $US69.5 billion worth of mergers and acquisitions in the first half of 2014. This is double the number of transactions during the same period of 2013. There are 20 deals worth over $A1 billion, compared with only two in the same period of the previous year. As well, equity capital market deals, such as floats, block trades and secondary capital raisings, have nearly doubled to $US15.3 billion

CORPORATES
THOMSON REUTERS PLC, CITI AUSTRALIA PTY LTD, STANDARD AND POOR’S ASX ALL ORDINARIES INDEX, CIMB SECURITIES INTERNATIONAL (AUSTRALIA) PTY LTD, TEN NETWORK HOLDINGS LIMITED – ASX TEN, OZ MINERALS LIMITED – ASX OZL, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CABCHARGE AUSTRALIA LIMITED – ASX CAB, WOTIF.COM HOLDINGS LIMITED – ASX WTF, GRESHAM ADVISORY PARTNERS LIMITED, DAVID JONES LIMITED – ASX DJS, UBS HOLDINGS PTY LTD, MACQUARIE CAPITAL PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, PACIFIC EQUITY PARTNERS PTY LTD, SAI GLOBAL LIMITED – ASX SAI, CREDIT SUISSE (AUSTRALIA) LIMITED, GRAINCORP LIMITED – ASX GNC, FRASERS CENTREPOINT LIMITED, AUSTRALAND PROPERTY GROUP – ASX ALZ, GOLDMAN SACHS AUSTRALIA PTY LTD

STW buys signage group

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Original article by Jake Mitchell
The Australian Financial Review – Page: 23 : 27-Jun-14

STW Group has acquired Active Display Group, a signage and display company with clients including Coles, Target and 7-Eleven. Marketing group STW owns over 75 advertising, ditigal, design, government relations and specialist communications agencies. Active Display is Australia’s biggest point-of-sale display and signage firm. Its forecast EBIT for 2014 is roughly $A8.5 billion

CORPORATES
STW COMMUNICATIONS GROUP LIMITED – ASX SGN, ACTIVE DISPLAY GROUP PTY LTD, TARGET AUSTRALIA PTY LTD, WESFARMERS LIMITED – ASX WES, REVLON AUSTRALIA, 7-ELEVEN STORES PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, COLES GROUP LIMITED, MYER HOLDINGS LIMITED – ASX MYR

China’s Baosteel takes control of Aquila Resources

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Original article by Sarah-Jane Tasker
The Australian – Page: 19-20 : 26-Jun-14

The takeover of Aquila Resources by Baosteel and Aurizon will proceed after one of the co-founders supported the $A1.4 billion deal. Charles Bass has decided to sell his 10.7 per cent stake in the absence of a superior offer. Co-founder Tony Poli has already committed his holding of nearly 30 per cent. With its own stake of 20 per cent, Baosteel now has an interest of nearly 60 per cent. Poli has advised shareholders to wait until 3 July 2014 in case there is a superior offer

CORPORATES
AQUILA RESOURCES LIMITED – ASX AQA, AURIZON HOLDINGS LIMITED – ASX AZJ, SHANGHAI BAOSTEEL GROUP CORPORATION, MINERAL RESOURCES LIMITED – ASX MIN

$200m peace offer for Lew

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Original article by Sue Mitchell, Sarah Thompson
The Australian Financial Review – Page: 1-Oct : 25-Jun-14

Australian retailing identity Solomon Lew in 1997 acquired a blocking stake of 11.8% in Country Road. In 2014, he has duplicated the move by building a holding of 9.9% in David Jones (DJs). The takeover suitor in both cases is South Africa’s Woolworths, which has now been forced by Lew’s tactics to buy him out of Country Road and to offer $A17 a share. This is an increase of nearly 400% from the on-market price in early 2014. In exchange Woolworths will also be able to move to full ownership of DJs. Insiders say Woolworths had been keen to take control of Country Road in any case

CORPORATES
COUNTRY ROAD LIMITED – ASX CTY, DAVID JONES LIMITED – ASX DJS, WOOLWORTHS HOLDINGS LIMITED, PREMIER INVESTMENTS LIMITED – ASX PMV, NM ROTHSCHILD AND SONS (AUSTRALIA) LIMITED, GILBERT AND TOBIN LAWYERS, GREENHILL AND COMPANY, ARNOLD BLOCH LEIBLER, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. TAKEOVERS PANEL, FEDERAL COURT OF AUSTRALIA, AUSTRALIAN RETAIL INVESTMENTS PTY LTD, MIMCO PTY LTD, WITCHERY FASHIONS PTY LTD, MYER HOLDINGS LIMITED – ASX MYR, TRENERY

Smart clothesline on the way as Hills chases innovation

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Original article by Vanessa Desloires
The Australian Financial Review – Page: 21 : 24-Jun-14

Hills is continuing its strategy of growth through acquisitions in the health, security and audio sectors. It acquired Audio Products Group in late June 2014. CEO Ted Pretty said that the company was seeking one or two larger acquisitions as well. Hills is also developing innovative products, including a smart clothesline that releases a rain cover if bad weather is predicted

CORPORATES
HILLS LIMITED – ASX HIL, AUDIO PRODUCTS GROUP PTY LTD, AUSTRALIA. BUREAU OF METEOROLOGY

How will Lachlan Murdoch and James Packer react to Ten bid?

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Original article by James Thomson
The Australian Financial Review – Page: 20 : 24-Jun-14

US-based Providence Equity Partners is said to be preparing for a possible takeover of Australian-listed free-to-air TV group Ten Network. The reactions to such a bid by the four main stockholders will vary. Lachlan Murdoch and James Packer have suffered substantial losses on their investments in the company, and may be content to depart despite having to sell at about $A0.245 a share when they had bought in at $A1.50. Equally relieved to exit may be mining heiress Gina Rinehart, whose limited media sector exposure also includes Fairfax Media. The most likely to keep the faith that Ten will be turned around is TV industry stalwart Bruce Gordon, who owns 15%

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, FAIRFAX MEDIA LIMITED – ASX FXJ, PROVIDENCE EQUITY PARTNERS INCORPORATED, ITV PLC, ITV NETWORK LIMITED, NEWS CORPORATION – ASX NWS, WIN TELEVISION PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN BROADCASTING CORPORATION, SPECIAL BROADCASTING SERVICE (SBS)

Pendulum sways to ‘Yes’

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Original article by Robert Harley
The Australian Financial Review – Page: 34 : 20-Jun-14

Westfield Retail Trust investors are expected to approve a restructuring of the group at a meeting on 20 June 2014. A vote on the proposed deal was postponed earlier in the month, when 25.9 per cent of proxy votes rejected the plan to merge the trust with the Australasian property portfolio of Westfield Group. Westfield Retail securities closed $A0.04 higher at $A3.21 on 19 June

CORPORATES
WESTFIELD RETAIL TRUST – ASX WRT, WESTFIELD GROUP – ASX WDC, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, UNISUPER LIMITED, LEGG MASON ASSET MANAGEMENT AUSTRALIA LIMITED, COLONIAL FIRST STATE GROUP LIMITED, COLONIAL HOLDING COMPANY LIMITED – ASX CNG