Page 3 - Mergers

Proposed merger of Simon & Schuster with Penguin is officially over

Simon & Schuster's corporate parent has officially ended the agreement for Penguin Random House to purchase the publisher, a proposed sale a federal judge already had blocked last month. Paramount Global also announced Monday that it still plans to sell Simon & Schuster, a nearly century-old company where authors include Stephen King, Colleen Hoover and Bob Woodward. Simon & Schuster has had a strong 2022 so far, thanks in part to bestsellers by Hoover and King, who had opposed the merger and even testified on behalf of the government during last summer's antitrust trial. Simon & Schuster remains a non-core asset to Paramount, as was determined in early 2020 when Paramount conducted a strategic review of its assets, Paramount announced. Simon & Schuster is a highly valuable business with a recent record of strong performance, however it is not video-based and therefore does not fit strategically within Paramount's broader portfolio. Penguin Random House owes a $200

NSE Indices floats consultation paper on index rules

NSE Indices Ltd, a subsidiary of National Stock Exchange, is planning to change the methodology of merger and demerger of index constituents for equity indices to avoid big churnings, which happens in the current system. This comes ahead of the proposed merger of HDFC with HDFC Bank. The proposal, if considered, is expected to avoid sharp movement in stock prices of firms that are in the process of merger or demerger. In its consultation paper, NSE Indices has suggested to make ex-date an important factor for replacing an index constituent. It has sought comments from market participants on the proposed revision in the treatment of merger and demerger of index constituents for equity indices till November 2. With regards to the treatment of a merger, NSE Indices has proposed that the transferor company will be excluded from the index on the ex-date (T Day) of the merger -- the closing of the T-1 day merged entity. Equity shares, investible weight factor and capping factor of the

CCI gives conditional nod to Zee-Sony merger, formal order awaited

Sony and Zee confirm development, say awaiting remaining regulatory approvals

Naspers-owned Prosus terminates $4.7 billion deal to acquire BillDesk

Prosus has been a long-term investor and operator in India, putting in close to $6 billion in Indian technology companies since 2005

Boards of two Tata Motors finance companies to consider merger next week

Merger is part of Tata group plan to bring similar businesses under a single umbrella like Tata Steel's merger of seven subsidiaries with itself to consolidate its metals and mining businesses

Shriram Transport Finance gets shareholders' approval for merger with SCUF

Shriram Transport Finance, which is part of the Shriram Group, now awaits approval from Shriram City Union Finance shareholders and creditors and NCLT, CCI and Irdai

At $30.3 bn, M&As hit four-year high in March quarter

Mergers & acquisitions started off on a strong footing, hitting a four-year high at USD 30.3 billion in the first quarter of 2022, bucking the global trend where deal-making fell sharply, says a report. Deal activity grew by 5.6 per cent in value terms in January-March 2022 compared to the first quarter of 2021, making it the highest first-quarter period since 2018 when it was USD 31.1 billion. In volume terms, the M&A activity grew 29.6 per cent in the first quarter of 2022, making it the best-ever quarterly number, according to the M&A numbers collated by Refinitiv, an LSEG business, which is among the world's largest providers of financial markets data and infrastructure. M&As involving domestic companies stood at USD 23.7 billion, down 8.3 per cent on year. Domestic M&As declined 24.5 per cent to USD 12.1 billion, and inbound M&As grew by 17.9 per cent to USD 11.6 billion, which is the highest first-quarter period since 2017. The US was the most active ...

PVR-Inox Leisure merger can trigger 15% rally in stocks, charts show

Inox Leisure may see a medium-term bullish trend, if the stock upholds the rally above Rs 480 levels

Deal Street has best year with over 2,220 deals fetching $115 bn in 2021

Deal Street had the best year in 2021, clocking the highest tallies in both value and volume terms at USD 115 billion involving 2,224 deals, an industry report said. This was USD 37 billion and 867 transactions more than the corresponding figures for 2020. While 499 mergers and acquisitions (M&As) worth USD 42.9 billion were concluded in the year gone by, there were 1,624 private equity deals involving USD 48.2 billion, and 101 IPOs and QIPs worth USD 23.9 billion, of which 65 initial public offerings alone fetched a record USD 17.7 billion, according to data collated by Grant Thornton. The year was also a record in terms of large deals as there were 14 deals of over USD 1 billion each, 15 between USD 500 million and USD 999 million, and 135 between USD 100 million and USD 499 million. Though these transactions accounted for only 8 per cent of volume, they fetched as much as 80 per cent of value, the report said. Of the overall deals, domestic deals constituted 76 per cent and the

Sebi tweaks guidelines for processing of draft schemes filed with exchanges

Sebi on Thursday clarified on guidelines for processing of draft schemes pertaining to mergers and demergers filed by listed companies with the stock exchanges. Under the rule, listed entities desirous of undertaking a scheme of arrangement are required to submit certain documents to the exchanges. Listed entities will be required to submit no objection certificate (NOC) from the lending scheduled commercial banks/financial institutions as well as debenture trustees, Sebi said in circular issued on Thursday. This circular is an addendum to the one issued on Tuesday. On Tuesday, the regulator said that such entities will be required to submit NOC from the lending scheduled commercial banks or financial institutions. Apart from this, the listed entities are required to submit certain documents to the exchange, which includes a valuation report. As per the revised guidelines, this report needs to be accompanied by an undertaking from the listed entity, stating that no material event

Teething issues remain for Hindustan Petroleum and ONGC merger

Purchase of government stake in ONGC leaves firm with tight cash positiongov

IDFC faces investor ire on delay in divestments and mergers

Chairman Vinod Rai said the company had a very complex corporate structure

What makes HDFC Ltd-HDFC Bank merger an attractive proposition now

Combined entity would be nearly half SBI's size and in an indisputable No 2 slot; cost of funds a hurdle though

Merger of insurers: Irdai releases draft norms on shareholder compensation

Says those whose rights against the acquiring insurer have been reduced, must be paid compensation based on the residual value of assets

Bank of Baroda ready for life beyond Covid, merger: MD & CEO Sanjiv Chadha

Despite the Covid-19 pandemic, Bank of Baroda (BoB) is confident of completing the amalgamation process by December 2020, ahead of the initial timeline of March 2021

Medlife, PharmEasy agree to merge; deal may be valued at over $1 bn

The proposed combination relates to the acquisition of 100 per cent equity shares of Medlife by API Holdings, the parent of PharmEasy, in return for 19.59 per cent equity share capital

German group Allgeier SE's iQuest and Nagarro merge operations in Romania

This merged entity will bring together over 800 employees

AstraZeneca reaches out to rival Gilead with a merger proposal: Report

The UK-based firm informally contacted Gilead last month to gauge its interest in a possible tie-up

Zomato may buy Grofers in all-stock deal amid buzz of possible merger

Reports of a possible deal surfaced Tuesday, and sources confirmed that talks were held between high-level officials of the firms.

How Conzerv Systems and Schneider Electric managed a tricky biz of merger

Most acquisitions fail because of a cultural clash. But Conzerv Systems and Schneider Electric managed this thorny issue successfully.