AMERICAS
Dave & Buster’s, an owner and operator of entertainment and dining venues, completed the acquisition of Main Event, a family entertainment company, from Ardent Leisure Group, one of Australia’s most successful leisure and entertainment groups, and RedBird Capital Partners, a private investment firm, for $835m.
"On behalf of the entire team at Main Event, we are excited to join the Dave & Buster’s family. Together, we will be well positioned to leverage our collective experience and provide our consumers with a category defining entertainment experience," Chris Morris, Main Event CEO.
Dave & Buster’s was advised by Deutsche Bank and Kirkland & Ellis. Debt financing was provided by BMO Capital Markets, Deutsche Bank and JP Morgan. Main Event was advised by Goldman Sachs, JP Morgan and Weil Gotshal and Manges. RedBird Capital was advised by Fried Frank Harris Shriver & Jacobson. Ardent Leisure was advised by Gilbert + Tobin.
TTM Technologies, a firm that manufactures printed circuit boards, completed the acquisition of Telephonics, a provider of highly sophisticated intelligence, surveillance and communications solutions, from Griffon, a diversified management and holding company, for $330m.
“I am excited for Telephonics to join TTM as we continue on our journey to move up the value chain and provide more engineered products to our offering for our customers. We expect that the complementary portfolio and skills will enhance TTM’s strategic capabilities and growth opportunities enabling us to deliver significant benefits to our Aerospace and Defense customers. We also expect the transaction to be immediately accretive to our non-GAAP EPS," Tom Edman, TTM CEO.
TTM Technologies was advised by JP Morgan, O'Melveny & Myers and White & Case. Griffon was advised by Lazard, Dechert and ICR.
Royalty Pharma, a private equity firm, completed the acquisition of Gavreto, a cancer medicine for treating adults with advanced non-small cell lung cancer, from Blueprint Medicine, a company which engages in the discovery and development of highly selective kinase inhibitors for genomically defined cancer subsets, for $340m.
“We are pleased to partner with Blueprint and help advance their innovative precision therapy pipeline for the benefit of patients worldwide. Precision therapies continue to transform the treatment paradigm in oncology and acquiring a royalty on Gavreto aligns with our strategy of investing in differentiated therapies that address unmet medical needs. Gavreto has shown consistent outcomes with deep and durable responses across several RET-altered cancers, and we look forward to its clinical development in additional tumor types and earlier-stage patients,” Pablo Legorreta, Royalty Pharma Founder and Chief Executive Officer.
Royalty Pharma was advised by Gibson Dunn & Crutcher, Maiwald and Kawaguti. Blueprint Medicine was advised by Cowen & Company and Goodwin Procter.
Fleury, a provider of wide range of medical services, agreed to merge with Hermes Pardini, a firm engaged in the provision of medical and dental services, laboratory research, clinical analysis, and supplementary diagnostic and therapeutic services. Financial terms were not disclosed.
The companies believe that combining the two operations represents an excellent opportunity to create value, which may result in significant gains for their shareholders by increasing the competitiveness of the companies in the transforming environment of the health care and diagnostic medicine sector with geographic complementarity and national presence, robust capital structure, support from their relevant shareholders and an adequate organizational structure, and reinforcing organic and inorganic growth.
Fleury is advised by Citigroup and BMA Advogados. Hermes Pardini is advised by Madrona Advogados, Ochman Advogados and Tavernard Advogados.
SMART Global Holdings, a designer and manufacturer of electronic products, agreed to acquire Stratus Technologies, a provider of simplified, protected, and autonomous computing solutions, from Siris Capital, a private equity firm, for $275m.
“This transaction builds upon our successful track record of M&A at SGH. The high-availability and fault-tolerant capabilities of Stratus will expand our IPS offerings in Edge, Core, and Cloud, and will enable us to more comprehensively address our combined customers’ needs. We look forward to welcoming the Stratus team to SGH," Mark Adams, SGH CEO.
SGH is advised by Moelis & Co and Latham & Watkins. Siris Capital is advised by Abernathy MacGregor Group.
Citizen Energy, an oil and natural gas exploration company, completed the acquisition of Red Bluff Resources, an operator of a private exploration and production company, and Bricktown Energy, a private exploration and production company. Financial terms were not disclosed.
The acquisition will generate a 18% increase in Citizen’s daily production and includes an additional ~13k BOEPD, 200 operated wells, and 739 non-op wells.
Citizen Energy was advised by Baker Botts. Red Bluff Resources and Bricktown Energy were advised by JP Morgan and Kirkland & Ellis.
Leaps by Bayer, Matrix-backed AyurMaya and Amgen Ventures led a $200m Series B funding round in ReCode Therapeutics, a developer integrated genetic medicines company, with participation from Pfizer Ventures, EcoR1 Capital, Sanofi Ventures, Orbimed, Vida Ventures, MPM Capital, Colt Ventures, Hunt Technology Ventures, Osage University Partners, Tekla Capital Management, Superstring Capital and NS Investment.
“The ability to directly target specific organs and cells beyond the liver remains a key challenge for genetic medicines. At Leaps by Bayer, we strongly focus on finding breakthrough solutions that have the potential to make a meaningful difference for people with rare genetic diseases, and we believe ReCode is a unique company in our industry whose innovations have the potential to fundamentally shift an entire area of genetic medicine," Juergen Eckhardt, Leaps by Bayer CEO.
ReCode Therapeutics was advised by Stern IR and The Grace Communication Group.
Sixth Street, a global investment firm, and 60 Guilders, a real estate investor and manager, completed the acquisition of The Center Building in Long Island City for $173m.
Sixth Street Real Estate invests in properties and provides financing solutions across the full range of real estate asset classes: office, residential, hospitality, industrial, and retail as well as niche assets. Sixth Street has a flexible mandate to invest up and down the capital structure including equity, preferred equity, and debt.
Sixth Street was advised by Eastdil Secured. The Center Building was advised by Cushman & Wakefield.
Ontario Teachers’ Pension Plan Board, a pension fund, completed the investment in Orva, an e-commerce platform. The investment is being made in partnership with Trilantic North America. Financial terms were not disclosed.
“We are excited to have Ontario Teachers’ support as we enter the next chapter of our company. Our partnership with both Ontario Teachers' and Trilantic North America will enable Orva to continue learning alongside trusted professionals and unlock valuable opportunities to accelerate our growth as a full-service e-commerce partner to leading consumer brands," Abe Shalom, Orva President.
Trilantic North America was advised by JP Morgan and Prosek Partners.
Angeles Equity-backed Primus Aerospace, a provider of highly complex, machined components and assembly solutions, completed the acquisition of Raloid, a manufacturer of detailed mechanical components and assemblies. Financial terms were not disclosed.
“The addition of Raloid represents a key step forward in our effort to become the leading Tier 1 supplier of critical machined components and subassemblies to the US defense industry,” Kyle Brengel, Primus Aerospace COO.
Primus Aerospace was advised by Simpson Thacher & Bartlett. Angeles Equity was advised by Chameleon Collective.
Kennedy Lewis Investment Management, an opportunistic credit manager, offered to acquire the remaining stake in Rapid Micro Biosystems, a provider of data integrity and automation technology for microbial detection in biopharmaceutical manufacturing, for, $156m.
"We are excited about the future business prospects of RPID and are interested in working constructively with the RPID Board of Directors with the goal of reaching an agreement on a transaction that will provide all stakeholders with value, speed, and certainty. We hope that the Board will work with us to maximize value and opportunities for all RPID stockholders and other stakeholders, and we look forward to receiving a response to this non-binding proposal promptly," Kennedy Lewis.
Kennedy Lewis Investment Management is advised by Akin Gump Strauss Hauer & Feld.
DCVC, a venture capital firm, led a $130m Series B funding round in Twelve, a carbon transformation company, with participation from Capricorn Technology Impact Fund, Carbon Direct Capital Management, Breakout Ventures, Munich Re Ventures, Elementum Ventures, Microsoft Climate Innovation Fund and Chan Zuckerberg Initiative.
“As more companies and organizations adopt carbon-neutrality targets, they urgently need technologies like Twelve’s to rapidly green supply chains and corporate travel to reduce emissions at scale. Since leading Twelve’s seed round in 2018, we’ve only become more confident that their technology offers businesses a critical solution for not just offsetting emissions, but eliminating them," Zachary Bogue, DCVC Managing Partner.
Twelve was advised by Antenna Group.
Trackforce Valiant, a developer of web and mobile service, completed the acquisition of TrackTik Software, a developer of a cloud-based workforce management software. Financial terms were not disclosed.
“We are very excited to welcome TrackTik into the Trackforce Valiant family. Now more than ever, we believe in the importance of providing the right security solutions for companies of all sizes and business needs. The addition of TrackTik enables us to provide a wide range of technology options that are purpose-built for the unique needs of physical security operations," Trevor Campion, Trackforce Valiant CEO.
TrackTik Software was advised by Houlihan Lokey.
Moët Hennessy, a manufacturer and marketer of luxury goods, agreed to acquire Joseph Phelps Vineyards, a wine property. Financial terms were not disclosed.
"Through the combination of the wonderful vineyards of Joseph Phelps, the unrivalled experience and excellence of the Joseph Phelps team, and the support of our global distribution organization and unique expertise with premium, family-owned brands, we will continue the wonderful journey initiated by the founder fifty years ago and pursued by his heirs today. Joseph Phelps has been to the Napa Valley what Nicolas Ruinart, Mrs Clicquot, Joseph Krug and Claude Moët were to the Champagne region, and likewise we will continue to develop this new House in the respect of the founder's heritage and vision," Philippe Schaus, Moët Hennessy Chairman and CEO.
Joseph Phelps Vineyards is advised by Centerview Partners.
Bain Capital Credit, an investment company, and Pacific Lake Partners, an investment management company, agreed to invest in Darcy Partners, a provider of technology and market intelligence service. Financial terms were not disclosed.
"The launch of Darcy Connect was an inflection point for our customers and our employees. Our team took the original Darcy blueprint and found a way to deliver its impact at scale. We are excited to partner with Sam, Phil, and the investor group, who have conviction in the energy verticals we serve today and who will lead us as we grow the most talented innovation team in the industry," Jeremy Sweek, Darcy Partners Co-Founder.
Brookfield buys AGL stake as Australia’s coal closures accelerate. (FS)
Brookfield Asset Management has built a stake in AGL Energy four months after walking away from an attempt to take over the Australian power company alongside software billionaire and climate activist Mike Cannon-Brookes, Financial Times reported.
AGL said in a regulatory filing that a subsidiary of Brookfield had bought a 2.56% stake in the company but that no new bid for the business had been made. It was unclear when Brookfield acquired the shares.
Activision to buy a studio, aiding warcraft game.
Activision Blizzard subsidiary Blizzard Entertainment plans to acquire the studio Proletariat and bring on 100 of its workers. Those employees are expected to work on Blizzard's online role-playing game, World of Warcraft.
Activision Blizzard, which itself is in the process of being acquired by Microsoft, and Proletariat did not immediately respond to requests for comment, Bloomberg reported.
"A big part of caring for our teams is making sure we have the resources to produce experiences our communities will love while giving our teams space to explore even more creative opportunities within their projects," Mike Ybarra, Blizzard President.
L Catterton sells fashion brand Ganni for up to $700m. (FS)
L Catterton, an American private equity firm, is selling Danish fashion brand Ganni in a deal that could fetch up to $700m.
L Catterton, which focuses on the consumer sector globally, bought a majority stake in Ganni in 2017 and has since helped the brand to expand internationally, Reuters reported.
The firm has hired boutique investment bank, Lazard, to run the sale process.
Blackstone weighs US listing of $2bn technology firm IBS. (FS)
IBS Software Services, backed by Blackstone, is considering a US initial public offering that could value the company at more than $2bn, defying concerns about heightened market volatility. IBS Software has filed confidentially for the US IPO, which could happen as soon as this year. The company is considering seeking at least $500m in the offering.
Considerations are at an early stage, and details of the IPO, including size and timeline, could still change. A spokesperson for IBS Software said the company is focused on taking advantage of the recovery in travel and that it is a strong IPO candidate in the right market environment, Bloomberg reported.
IBS Software is advised by Goldman Sachs and JP Morgan.
EMEA
TPG, a global alternative asset manager, agreed to acquire a majority stake in DOC Generici, a manufacturer of generic pharmaceuticals, from ICG, an asset management, and Merieux Equity Partners, a private equity firm. Financial terms were not disclosed.
“As the Italian generics market continues to grow, DOC Generici has established itself as a trusted partner of choice for patients, physicians, and pharmacists with a focus on high quality products and lowering the cost of drugs to patients. We look forward to partnering with Riccardo and the management team to grow their leadership in the market through continued organic and inorganic investments in the business. We are also excited to invest in the Italian market, which we believe presents attractive opportunities in the years to come,” Karthic Jayaraman, TPG Capital Partner.
DOC Generici is advised by Barclays and Gattai Minoli Agostinelli & Partners. TPG Capital is advised by BNP Paribas, Deutsche Bank, Mediobanca, Morgan Stanley, Latham & Watkins and Greenbrook.
Cabot Square Capital, an investment firm, completed the acquisition of a majority stake in Chartway Group, a partnerships-based housebuilders. Financial terms were not disclosed.
“We are very pleased that Cabot Square has recognised Chartway’s progress to date and their investment and platform building experience will help us continue in our next phase of growth. This also represents a fantastic opportunity for our staff and customers," Ian Savage, Chartway Founder.
Cabot Square was advised by BDO, Ernst & Young, Savills and Herbert Smith Freehills. Debt financing was provided by Pricoa Private Capital. Chartway Group was advised by KPMG and Stephenson Harwood.
Bridgepoint Development Capital, a buyout fund, agreed to acquire Analysys Mason, a global consultancy and research firm, from Datatec, an international information and communications technology solutions company, for $260m.
“We are very excited to partner with BDC, a proven partner for professional services firms looking to fulfil their ambitions and realise their full potential. We are very thankful for the support and guidance provided by Datatec to help us grow to nearly $100m in revenues over the last few years," Bram Moerman, Analysys Mason Executive Vice Chair.
BDC is advised by Rothschild & Co. Datatec is advised by Lazard, Bowmans, Dorsey & Whitney and Instinctif Partners. Debt financing is provided by Rand Merchant Bank.
Abu Dhabi Investment Authority, an investment institution, and Global Infrastructure Partners, an infrastructure investment fund, agreed to acquire a 72.55% stake in VTG, a rail logistics and freight wagon hire company, from Morgan Stanley Infrastructure Partners, a provider of investment advisory services, and Joachim Herz Stiftung, a non-profit foundation, for $5.4bn. OMERS will retain the indirect shares of 27.5%.
“The growth of Europe’s rail freight market is backed by a modal shift to rail as a key enabler of the decarbonisation of supply chains. This investment in VTG aligns with our continued focus on pursuing infrastructure opportunities backed by strong energy transition-related tailwinds. For this transaction we have worked hand-in-hand with GIP, a long-standing partner, to invest in a market leading business with an established track record," Khadem AlRemeithi, ADIA Executive Director of the Infrastructure Department.
MSIP is advised by Credit Agricole, Goldman Sachs, Sullivan & Cromwell and White & Case. JHS is advised by Lazard and Flick Gocke Schaumburg.
Patrick Collison, John Collison, Reid Hoffman, Taavet Hinrikus and Matt Mullenweg led a $158m Series C funding round in Entrepreneur First, a scaleup investor in early-stage founder talent.
"As the value of EF’s portfolio companies passes $10bn, we feel we’re just getting started. We want EF to have a product to enable every ambitious individual to find their co-founder. EF is already one of the world’s great talent communities and with this new funding and these new investors, we’re looking forward to partnering with thousands of more exceptional founders in the coming years," Alice Bentinck, Entrepreneur First Co-Founder.
Entrepreneur First was advised by Goldsmith Communications.
Middleby, a commercial and residential cooking and industrial process equipment company, agreed to acquire Proxaut, a manufacturer of auto guided vehicles for the food industry and industrial processing companies. Financial terms were not disclosed.
“We are leading the trend for Industry 4.0 in food processing. Our recent strategic investments in automation are coming to fruition, as we see order demands for this technology. Middleby’s investments in automation and integrated full line solutions are driving efficiencies and operating benefits for our food processing customers. These proven automation solutions reduce operator efforts and labor needs while increasing production, optimizing space, and streamlining loading between machines," Tim FitzGerald, Middleby CEO.
Middleby is advised by Skadden Arps Slate Meagher & Flom.
A consortium of investors, including Metric Capital Partners, IMM Investment and Olayan Group led a $181m funding round in Pure Harvest, a sustainable technology-enabled agribusiness.
“It’s clear that controlled-environment agriculture is becoming increasingly important as a solution to food security issues while also mitigating the environmental impact of food production. We believe Pure Harvest is extremely well positioned to thrive in this growing market driven by its excellent team, innovative approach, and proven track record of building and operating at scale in a region characterized by difficult climatic conditions for agriculture,” Bjørn Tessiore, Metric Capital Partner.
Pure Harvest was advised by Citigroup.
FMI Opportunity Funds, a private equity firm, completed the acquisition of Ashot, a supplier of technologically advanced systems and components, from Elbit Systems, an international high technology company, for $84m.
"This sale is consistent with our strategy to focus on our core areas of business. Since the acquisition of IMI by Elbit Systems, Ashot has improved its business focus and operational efficiency. We look forward to continuing our cooperative work with both Ashot and FIMI," Bezhalel Machlis, Elbit Systems President & CEO.
Cellnex offers a stake to Deutsche Telekom as part of towers bid. (FS)
Cellnex, a mobile phone tower operator, has offered Deutsche Telekom a small stake in its business as part of efforts to take control of the German firm's towers unit in a deal worth about $18.8bn. Cellnex recently submitted a binding offer for Deutsche Funkturm, Deutsche Telekom's towers business, Reuters reported.
The bid plan, backed by Canada's Brookfield Asset Management, would also allow Deutsche Telekom to retain a minority stake in DFMG.
Deutsche Telekom is advised by Goldman Sachs.
FC Barcelona reportedly agrees on €200m TV rights sale. (FS)
FC Barcelona, a Spanish professional football club, has reportedly agreed to sell a 10% stake in its television media rights to Sixth Street. The deal was agreed on the eve of Barcelona's deadline to close its budget with positive numbers by the end of June.
Barcelona members earlier this month voted to sell 10% of its broadcasting rights after rejecting the media rights deal between LaLiga and CVC.
Barcelona is also said to be considering selling up to 49.9% of its TV production unit Barça Studios, along with the sale of an additional 15% of TV rights.
Schlumberger-backed Arabian Drilling gets approval for Saudi IPO.
Arabian Drilling, a Saudi oilfield services firm partly held by Schlumberger, obtained the regulator's approval to list its shares in an initial public offering, joining a steady stream of companies tapping the Gulf's biggest stock market.
Arabian Drilling was founded in 1964 and counted Saudi Aramco, the kingdom's state energy producer, among its main customers. Saudi Arabia's Industrialization & Energy Services owns 51% of Arabian Drilling and Services Petroliers Schlumberger the rest.
The company received the go-ahead to list a 30% stake, or 26.7m shares, on the Saudi stock exchange, Bloomberg reported.
Arabian Drilling is advised by HSBC and SNB.
French renewable energy company NW Groupe raises $315m.
French renewable energy company NW Groupe said it had raised $315m for its NW Storm arm, as France builds up its renewable power sector to reduce its reliance on Russian energy following Russia's invasion of Ukraine, Reuters reported.
NW Groupe added the fundraising meant NW Storm, which handles electricity storage facilities, was now valued at $1.57bn. Investment company RGreen Invest subscribed to the fundraising, NW Groupe added.
APAC
Carlyle, an American multinational private equity firm, agreed to acquire a minority stake in Varmora, a manufacturer of premium homeware products. Financial terms were not disclosed.
“We are very impressed by the brand salience and consumer pull that Varmora has created. We believe this is driven by a differentiated product portfolio, strong pan-India distribution network and an exceptional management team. We are excited to partner with Bhavesh Varmora, the Varmora brothers and their entrepreneurial team to help accelerate the next phase of the company’s growth journey as a leading consumer-oriented business. We also view Varmora as a platform for consolidation in the fast-growing building materials space," Amit Jain, Carlyle Managing Director and Co-Head of India Advisors.
Carlyle is advised by Adfactors PR. Varmora is advised by Steer Advisors.
Ascential, an information, analytics and e-commerce optimisation company, completed the acquisition of Intrepid, a provider of e-commerce execution services to brands in South East Asia, for $250m.
"Intrepid's strong presence in South East Asia, alongside its proven expertise operating across the major marketplaces in this important region, further enhances the capabilities and global reach of our Digital Commerce business. We look forward to welcoming our new colleagues into the Ascential family and continuing to expand our digital commerce capabilities together," Duncan Painter, Ascential CEO.
Ascential was advised by FTI Consulting.
Softbank-backed Lenskart, an Indian startup, agreed to acquire Owndays, a Japanese eyewear brand, form L Catterton, a private equity firm, and Mitsui, a general trading company, for $400m.
“With Owndays, we move a step closer to democratising eyewear. I see Lenskart and Owndays sharing the same set of values—centred around enriching customers’ lives, caring for people in our communities, as well as continuous learning, and we also have very complementary skill sets. There is much we can achieve together which will be greater than the sum of its parts,” Peyush Bansal, Lenskart Co-Founder, and Group CEO.
Krungsri, a financial group in Thailand, agreed to acquire Thailand unit of Nomura, a holding company which manages financial operations, for $156m.
“We are pleased to announce this transaction with the Bank of Ayudhya, one of Thailand’s leading financial services companies. Following an assessment of the international businesses we have a competitive advantage in, we decided that Capital Nomura Securities would be better placed to unlock value with the Bank of Ayudhya. This also enables Nomura to focus on our core businesses in Asia ex-Japan, including Thailand,” Kenji Teshima, Nomura Representative Director.
Globe Telecom in advanced talks for $1.5bn tower sale. (FS)
Globe Telecom, a provider of integrated telecommunication services, has entered exclusive talks with bidders for its telecommunication tower portfolio in a deal that could be worth as much as $1.5bn.
The Filipino telecom giant is considering selling about 6k towers in a two-part deal. A consortium comprising Stonepeak Partners, and local power retailer Manila Electric, known as Meralco, is in discussions for some of the assets. Other suitors, including KKR & Co, remain interested in the assets, Bloomberg reporter.
CTG Duty Free targets $3bn in second Hong Kong listing attempt.
China Tourism Group Duty Free, a travel retailer, is set to relaunch a planned Hong Kong listing that could raise around $2bn to $3bn.
The Shanghai-traded company decided to suspend a listing last December, joining a slew of others amid a choppy market. It was aiming to raise about $5bn. The company refiled its application, Bloomberg reported.
The offering by the state-owned operator of duty-free businesses across China, Hong Kong, Macau, and some Southeast Asian cities could launch as early as August or September.
IDG defies skeptics with $900m fundraise. (FS)
Venture firm IDG is poised to raise about $900m for a new fund focusing on investment in China, a rare feat amid skepticism about the political and market risks of Asia's largest economy.
IDG has been investing in China since 1993, making bets on companies including Baidu, SenseTime Group, Xiaomi, and Tencent. It's invested in more than 1.3k companies, with 400 successful exits, Bloomberg reported.
Most investors are existing backers of IDG, which has been putting money into Chinese technology firms for nearly three decades. The new fund will focus on technology startups.
TVS Motor is in talks with TPG and KKR to raise $300m for the EV business. (FS)
Two-wheeler automobile company TVS Motor is reportedly in talks with TPG and KKR & Co to raise at least $300m for its electric vehicle business. Talks of investments follow multiple acquisitions by TVS Motor in the EV space.
It acquired a majority stake in GO, Switzerland, and its subsidiary, EGO Movement. EGO Movement, with a strong presence across Europe and a portfolio of e-bikes, e-cargo bikes, and e-scooters. The company also picked up a 75% stake in Swiss E-Mobility Group, an e-mobility solutions provider in Europe and the largest pure-play e-bike manufacturer in Switzerland, with around 20% market share.
Tata Motors announced a $1bn investment into its EV business by a consortium of TPG Rise Climate and Abu Dhabi's ADQ in October last year.
HSBC to relaunch India's private banking business within a year.
HSBC plans to relaunch its India private banking business within a year, said its India CEO, after the Asia-focused lender has identified the country as a key strategic market for growth, Reuters reported
"We can see the amount of wealth creation in India and the growth in the number of millionaires so an in-principle decision has been made to re-introduce private banking in India," Hitendra Dave, HSBC India CEO.
After announcing plans last year to buy out its life insurance joint venture partner in China, HSBC is also keen to gain full control of its asset management company in the country.
Former Zilingo CEO resigns from company board amid MBO talks. (People)
Ankiti Bose, Zilingo co-founder and former CEO, have resigned from all directorship positions at the company in a fresh turn of events related to the Singapore-based fashion startup, DealstreetAsia reported.
Dhruv Kapoor, Zilingo co-founder and CTO, had proposed a management buyout plan to shareholders that would involve the liquidation of Zilingo's assets and the formation of a new company.
"Given the current circumstances, and due to the opacity of information to me as a board member and a shareholder, I resign forthwith from all directorships I hold with Zilingo's holding company and any of its subsidiaries," Ankiti Bose, Zilingo former CEO.
Over 20% of Toshiba investors against activist fund execs, dissident director. (People)
More than 20% of Toshiba shareholders voted against a dissident external director and two board directors from activist hedge fund investors, final voting results.
External director Mariko Watahiki, who opposed the candidacy of directors from Elliott and Farallon, saw 23% of shareholders vote against her. She had the lowest support rate, of 64%, among 13 director nominees, Reuters reported.
CEO Taro Shimada got 86% of the votes, with more than 12% abstaining. Seven new board directors were appointed, and six, including Watahiki were re-appointed.
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