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Fidelity makes buy-out offer for Colt

2015-06-19 09:04:00| Telecompaper Headlines

(Telecompaper) Colt's largest shareholder Fidelity Investments has made an offer to take the European carrier private. However, Colt's independent shareholders said the bid of 190 pence per share undervalues the group, and a sale to a third party could achieve a higher price. Colt said the directors' assessment was based on its new business plan, which has been provisionally approved by the board and further details of which will be announced soon. While the independent directors, having been so advised by Barclays, consider the financial terms of the offer not fair to the shareholders of Colt, they also recognised that some shareholders may be interested in accepting the bid. Accordingly the board has made no recommendation to shareholders whether or not to accept the offer. Furthermore Fidelity has stated that it will not sell its shares in Colt before the end of 2016, so the immediate offer to cash-out may appeal to some shareholders. As a result Colt's board said it would convene a meeting of shareholders to consider the offer. Fidelity said its offer gives shareholders a premium of 35 percent on the average share price in the past year. In total its offer values Colt at GBP 1.72 billion.

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Nido Petroleum makes offer on Otto Energys interest in Galoc oil field

2014-12-15 01:00:00| Offshore Technology

Nido Petroleum has made an offer to acquire Otto Energys 33% working interest in the Galoc oil field in the Philippines for $108m.

Tags: offer interest makes field

Ingram Micro makes takeover offer for Anovo

2014-12-01 07:48:00| Telecompaper Headlines

(Telecompaper) Ingram Micro has made a binding offer for Anovo, a phone and electronic device after-sales company based in Paris. Anovo provides services across Europe and Latin America. Ingram Micro expects the deal to strengthen its relationship with global telecom operators and OEMs. The transaction is expected to close early next year, with Anovo expected to contribute over USD 300 million in annual revenue and be modestly accretive to Ingram Micro's non-GAAP diluted earnings per share. The acquisition is subject to the usual closing conditions, including consultation of the ANOVO works council and approval of the EU competition authorities. Both companies will, for the moment, continue to operate as separate entities. No further details were disclosed.

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Nos shareholder makes offer for Portugal Telecom

2014-11-10 09:20:00| Telecompaper Headlines

(Telecompaper) Isabel dos Santos, the daughter of Angola's president, has launched a takeover bid for Portugal Telecom. In a statement published by Portugal's stock market regulator on 09 November, Terra Peregrin, a Portuguese holding company controlled by Dos Santos, said the offer was for EUR 1.35 a share, a premium of 11 percent on Portugal Telecom's latest share price. The bid, which is conditional on acquiring more than 50 percent of Portugal Telecom's shares, comes a week after Altice launched a EUR 7 billion offer to buy the Portuguese assets of Oi, Portugal Telecom's merger partner. Dos Santos's offer is for the shares of Portugal Telecom SGPS, which owns a 37 percent stake in Oi. The Brazilian operator in turn controls Portugal Telecom's operations in Portugal. Terra Peregrin said it supported a planned merger between Portugal Telecom and Oi, but added that the success of its offer would involve some delays in the merger operation, the Financial Times reports. Dos Santos is also leading shareholder in Nos, PT's main competitor in Portugal. The Terra Peregrin offer does not involve the other shareholders in Nos.

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