Fund manager gets feisty
Article Abstract:
The power assembled by fund managers in the dealmaking process is highlighted by the battle for chemical company Albright & Wilson (A&W). An unexpected cash offer of 1.30 pounds sterling per share for the company by US-based Albemarle Group was recommended by A&W's adviser Lazards, despite its low price. Fund manager Phillips & Drew (P&D) had a 27% stake in A&W but a new company, set up by French chemical firm Rhodia and Donau Chemie, entered the bidding with a 1.45 pounds sterling per share offer. The new bidders knew that getting P&D on their side was more important than a board recommendation. A decision has yet to be made on which bid will be accepted.
Publication Name: Acquisitions Monthly
Subject: Business, international
ISSN: 0952-3618
Year: 1999
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Consolidation drives UK corporates
Article Abstract:
Acquisition activity in the United Kingdom was most prominent in the banking, communications, media and chemicals industries in 1996, with Pearson and Unilever each making 15 acquisitions. Unilever spent around 1.2 billion pounds sterling on acquisitions and Pearson spent 722 million pounds sterling. United News & Media spent 2.1 billion pounds sterling on 7 acquisitions in 1996. Unilever aims to expand its worldwide personal products and food operations following the planned sale of its speciality chemicals business for around 5 billion-6 billion pounds sterling.
Publication Name: Acquisitions Monthly
Subject: Business, international
ISSN: 0952-3618
Year: 1997
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The MBO solution to corporate restructuring
Article Abstract:
UK chemicals group ICI is among a number of large concerns which has been will to consider management buyouts as an element of a large-scale restructuring programme. Its divestments to management teams included that of Victrex, producer of specialist advanced materials. Victrex was seen as an ideal operation for a management buyout, as it had a modern plant, a small workforce and a strong customer base.
Publication Name: Acquisitions Monthly
Subject: Business, international
ISSN: 0952-3618
Year: 1996
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