Public-to-privates: minimising the risks

Article Abstract:

There are considerable uncertainties associated with public-to-private management buyout deals, even when agreement has been reached with the target's board and the offer document has been despatched. The reaction of the target's shareholders to the offer is vital to the success of a public-to-private deal. It is also necessary for the offeror to gain sufficient acceptances from shareholders to allow it to state that the offer is unconditional. The majority of costs arising from a public-to-private deal are incurred before the offer document is posted, when the success of the offer is not at all certain.

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Appointment with Destiny

Article Abstract:

DLJ Phoenix Private Equity faced many challenges when arranging a management buyout at public insurance broker CE Heath. The former concern had to undertake a detailed analysis of the insurance broking sector and of Heath's position in it, and had to negotiate a price with the company's independent directors. DLJ was strongly aware of the importance of Heath's workforce, and therefore took care to structure the management buyout capital to obtain a high level of motivation for its managers. It was eventually possible to complete the 120 million pounds sterling transaction in Jun 1997.

Insurance Agencies and Brokerages, Insurance agents, brokers, & service, Insurance Agents & Brokers, Mergers, acquisitions and divestments, Insurance industry, Contracts, Insurance brokers, CE Heath PLC, DLJ Phoenix Private Equity

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