March 14 (Reuters) – Australia’s Virtus Health Ltd said on Monday it had accepted a sweetened A$704.8 million ($514 million) takeover offer from CapVest Partners LLP, which topped an improved offer from rival bidder BGH Capital.However, the months-long bidding war for the in vitro fertilization service provider was not necessarily over as the deal with London-based CapVest allows the Virtus board to consider a superior proposal from Melbourne-based BGH or another party.CapVest’s revised cash offer of A$8.25 per share is a 7% premium to Virtus’s Thursday close and a 58% premium to its close on Dec. 13, before the bidding war broke out.Register now for FREE unlimited access to Reuters.comReporting by Savyata Mishra in Bengaluru; Editing by Richard Chang and Jane WardellOur Standards: The Thomson Reuters Trust Principles. .
The deal, unanimously recommended by the company’s board, knocks out a A$8.10 per share offer from Melbourne-based BGH Capital made after the market close on March 10. That offer was conditional on Virtus not signing an implementation deed with London-based CapVest.The latest CapVest deal includes a potential simultaneous off-market takeover offer, if it does not reach the required minimum threshold of 50% shareholder acceptance.Virtus’ share price has jumped around 64% since the end of 2019. read more ($1 = 1.3723 Australian dollars)Register now for FREE unlimited access to Reuters.comRetailer Canadian Tire to strengthen game with over $2 bln investment
People walk out of a Canadian Tire Store that is located by a Mark’s clothing store, which is owned by Canadian Tire Corporation in Toronto, May 8, 2014. REUTERS/Mark Blinch Register now for FREE unlimited access to Reuters.comReporting by Deborah Sophia and Praveen Paramasivam in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles. .
March 10 (Reuters) – Canadian Tire Corp Ltd (CTCa.TO) said on Thursday it would invest C$3.4 billion ($2.66 billion) over the next four years on its physical and online presence, as it looks to build on the gains made from the pandemic-led online surge.To lure more customers and get a bigger share of their spend as competition grows, retailers are beefing up their online business and offering everything from attractive loyalty programs to personalized promotions online.Toronto, Ontario-based Canadian Tire said it would expand its rewards program and rollout its premium annual membership across its stores nationwide, while also introducing over 12,000 new products under its owned brands by 2025.Register now for FREE unlimited access to Reuters.com The owner of SportChek and Mark’s store banners also said it would invest about C$675 million to boost its supply chain infrastructure by adding more warehouse space and opening a new e-commerce fulfillment center.Shipping delays and product shortages plagued retailers last year, forcing them to look at ways to strengthen their supply chains to ensure well-stocked shelves to meet rising consumer demand.Canadian Tire said about C$1.2 billion of its investment would go toward improving the connection of its digital and physical channels, to boost its same-day pickup options, including curbside.Canadian Tire said it expects to grow same-store sales, excluding fuel, by more than 4% annually by 2025, with a profit target of more than C$26 per share.RBC analyst Irene Nattel said the forecast was likely “well above Street expectations.”The company reported earnings of C$18.38 per share last year and had recorded a nearly 30% surge in e-commerce sales.($1 = 1.2803 Canadian dollars)Register now for FREE unlimited access to Reuters.comBMW triples pre-tax earnings with high prices, top-end vehicle sales
The headquarters of German luxury carmaker BMW is seen in Munich, Germany, August 5, 2020. REUTERS/Michael DalderRegister now for FREE unlimited access to Reuters.comReporting by Victoria Waldersee, Tristan Chabba
Editing by Madeline ChambersOur Standards: The Thomson Reuters Trust Principles. .
GM gears up to launch ‘halo’, a new premium import business in China
The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca CookRegister now for FREE unlimited access to Reuters.comReporting By Norihiko Shirouzu in Beijing; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles. .
BEIJING, March 8 (Reuters) – General Motors Co (GM.N) plans to create a new, independently owned premium brand in China that will market what the automaker’s China chief Julian Blissett recently described as “halo cars” brought in from the United States.GM (GM.N) plans to build this new “premium import business” from the ground up and operate it with “a high level of autonomy,” GM said in a statement on Tuesday.“We are inviting talent from across the industry to join us and jointly create our brand-new business in China,” it said.Register now for FREE unlimited access to Reuters.com The U.S. automaker issued the statement after multiple Chinese media outlets reported this week about the new wholly owned brand.According to a Shanghai-based GM spokesperson, Blissett told Chinese media outlets on Friday the new premium brand will specialize in selling upscale GM vehicles currently unavailable in China through its existing brands. Those brands include Wuling, Baojun, Chevrolet, Buick and Cadillac, all of which are owned and operated with Chinese joint-venture partners.Blissett told Chinese media outlets the new business will be fully owned by GM, the spokesperson said.Additional details such as which vehicle models the new brand plans to sell or how such models are going to be marketed and distributed will be announced at a later date, she said.Register now for FREE unlimited access to Reuters.comAustralia’s AGL Energy rebuffs sweetened $4 bln bid from Brookfield-led team
AGL Energy’s Liddell coal-fired power station is pictured in the Hunter Valley, north of Sydney, Australia, April 9, 2017. REUTERS/Jason ReedRegister now for FREE unlimited access to Reuters.com
- New offer pitched at 15% premium to pre-bid price
- AGL says demerger offers better value to shareholders
- AGL shares slip but hold above pre-bid price
MELBOURNE, March 7 (Reuters) – Australia’s AGL Energy confirmed on Monday it rejected a sweetened A$5.4 billion ($4.0 billion) takeover proposal from tech billionaire Mike Cannon-Brookes and Canada’s Brookfield Asset Management (BAMa.TO), saying it still undervalued Australia’s top power producer.Brookfield and Cannon-Brookes said they had walked away, leaving AGL to pursue plans to split its coal-fired power business from its energy retail business. AGL is Australia’s biggest carbon emitter and the consortium had planned to speed up the closure of its coal-fired power plants.”We are no longer engaged,” a Brookfield spokesperson said, declining to comment further.Register now for FREE unlimited access to Reuters.comReporting by Sonali Paul in Melbourne and Savyata Mishra in Bengaluru; Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles. .
The revised proposal was pitched at A$8.25 a share, a 15% premium to AGL’s share price on Feb. 18, ahead of a first surprise approach from the Brookfield-led consortium at A$7.50 a share. The premium above AGL’s close last Friday.AGL’s shares fell 1.2% to A$7.34 on Monday but stayed above their pre-bid price.AGL is looking to split into two companies called Accel and AGL Australia following a 75% slump in the group’s value over the past five years, hammered by an influx of cheap solar and wind power and government pressure on utilities to slash power prices to households.Chief Executive Graeme Hunt said the demerged businesses would both have growth prospects in the shift to cleaner energy, with the biggest energy retail customer base in AGL Australia and valuable energy sites with 2.7 gigawatts of projects in the Accel business.”We see that the combined value of both entities is higher than the value of the company as it stands today, but none of that has been reflected in the offer that we received,” Hunt told Reuters.Cannon-Brookes said on Twitter the demerger path “was a terrible outcome for shareholders, taxpayers, customers, Australia and the planet we all share”.Fund managers who have shunned AGL’s shares over the past few years said it was hard to put a value on its demerger plan in a market that faces a range of challenges in the energy transition.Morgan Stanley raised its price target AGL to A$7.50 from A$6.88 on Friday and said there was potential for a 25% to 30% rise in a scenario in which all its coal-fired plants are closed by 2030 and it invests in 10 GW of renewables and back-up capacity.($1 = 1.3570 Australian dollars)Register now for FREE unlimited access to Reuters.com