Henlys trumps Mayflower's bid for Dennis to create bus giant
Article Abstract:
Henlys Group PLC, a manufacturer of bus and coach body, has booted out Mayflower Corp. in the latter's bid to acquire Dennis Group. Henlys' offer to buy Dennis, a fire-engine and chassis maker, for GBP309 million in cash and stock topped Mayflower's offer of GBP255 million in cash. However, the 11% decline in value of Henlys shares caused adjustment of the Dennis bid, resulting to its revaluation at about GBP282 million. Under the latest terms of the deal, Dennis shareholders will get 70 Henlys shares and 150 pence for every 100 Dennis shares they hold. The deal would give Dennis access to the 30% share of the North American bus market that Henlys has secured via a separate deal. The combined entity will have 3,500 employees in the UK, and market capitalization of GBP474 million.
Comment:
Its GBP255 mil in cash offer to buy Dennis Group is topped by Henlys Group PLC's offer of GBP309 mil in cash & stock
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Henlys prepares revised offer for Dennis merger
Article Abstract:
Henlys Group PLC, a bus and coach maker based in the UK, is anticipated to raise its bid that the company tendered for UK-based Dennis Group PLC on Jul. 30, 1998. However, Henlys revised bid is not likely to match Mayflower Corp.'s takeover offer of 255 million pounds sterling, or $417 million. Henlys believes that the company's growth potentials and established presence in the US will appeal to the investors of Dennis, which makes chassis and fire-engines. The original bid of Henlys would give the investors of Dennis 64 new Henlys shares for every 100 Dennis shares, valuing the issued share capital of Dennis at approximately 190 million pounds sterling, based on Henlys' stock closing of 525 pence on Jul. 29, 1998.
Comment:
Is anticipated to raise its bid tendered for UK-based Dennis Group PLC on 7/30/98
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Bus makers Dennis, Henlys plan merger
Article Abstract:
Henlys Group, the UK bus and coach manufacturer, has agreed to merge with rival Dennis Group PLC in an effort to benefit from the growing market for complete vehicle packages in the US, Europe and Asia. The 474.4-million-pound-sterling merger will create a company with pro forma net assets of 155.9 million pound-sterling and pro forma net cash of 18.1 million pound-sterling. By merging, the companies expect worldwide sales to grow by more than 50% over the next three years, said Henlys CEO Robert Wood, who will become CEO of the new company.
Comment:
Bus and coach maker agrees to merge with rival Henlys Group
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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