Financial buyers pay premium prices

Article Abstract:

The average one day and one month premiums on the 131 eligible UK public merger and acquisition transactions undertaken in 1998 were 44%, significantly higher than in 1997. The nine contested acquisitions in 1998 produced average one day and one month premia of 39% and 35% respectively. There were 17 transactions worth over 500 million pounds sterling, including eight worth more than 1 billion pounds sterling. The largest deal was the 6.82 billion pounds sterling merger of Commercial Union with General Accident.

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Premiums soar to new record

Article Abstract:

The average premiums over the target share price one day and one month before the offer, or bid talks, was announced were 49% and 54% respectively in the UK in the first quarter of 1999 for the 39 eligible deals monitored by Acquisitions Monthly. The largest one day premium, at 178%, was produced by the 9.2 million pounds sterling white knight offer by Orion Publishing for Cassell. The largest one month premium, 150%, was paid by Redwood Group for Scottish engineering concern Clyde Blowers.

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