AMERICAS
Stone Point Capital-led consortium agreed to acquire Duff & Phelps, a financial services firm, from private equity firm Permira for $4.2bn. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2020.
"This partnership marks a vote of confidence in the long-term growth of Duff & Phelps. We are grateful to Permira and are thrilled that they will continue to be investors. We are also excited to have the backing of Stone Point Capital, Further Global and a world-class group of investors. Most importantly, I, along with company President Jacob Silverman, wish to thank our 3.5k Duff & Phelps colleagues who have worked tirelessly to make this company a success," Noah Gottdiener, Duff & Phelps Chief Executive Officer.
Duff & Phelps is advised by Evercore, Goldman Sachs, UBS, and Kirkland & Ellis. Further Global is advised by Simpson Thacher & Bartlett, White & Case, Weil Gotshal and Manges. Permira is advised by Skadden Arps Slate Meagher & Flom. Debt financing is provided by Goldman Sachs.
BMO Financial Group, a full-service North American-based financial services provider, agreed to acquire Clearpool Group, which offers holistic electronic trading solutions and provides independent agency broker-dealer execution services. Financial terms were not disclosed.
"BMO Capital Markets is accelerating on our strategic priorities of delivering exceptional client-experiences, driving an innovation mindset, activating a high-performance culture and simplifying how we do business. The acquisition of Clearpool is consistent with these priorities as it gives us access to leading next-gen trading technology and a broker-dealer client base," Dan Barclay, BMO Capital CEO.
BMO Financial Group is advised by BMO Capital Markets, Debevoise & Plimpton and Osler Hoskin & Harcourt. Clearpool is advised by Financial Technology Partners, Morgan Lewis & Bockius, Murphy & McGonigle and Stikeman Elliott.
TPG Capital-backed CollabNet VersionOne, a provider for Agile planning and collaborative development, agreed to merge with XebiaLabs, an independent software company specializing in DevOps and continuous delivery for large enterprise organizations. Financial terms were not disclosed.
"XebiaLabs has established itself as the standard for DevOps in large enterprises. Counting among our clients the world’s largest financial, healthcare, and manufacturing companies, our focus has been on creating a platform that takes advantage of existing tooling and processes while providing the scale, standardization, security, and reporting that large companies require. I am thankful for what we have been able to achieve with the support of Susquehanna Growth Equity and Accel. By combining XebiaLabs and CollabNet, our mutual clients will now benefit from the most capable Agile DevOps platform available in the market. This is a game-changer for businesses that need to maximize their software application assets while navigating complex regulatory, compliance, and security requirements," Derek Langone, XebiaLabs CEO.
XebiaLabs is advised by Shea & Co, Weil Gotshal and Manges and Catapult PR. CollabNet VersionOne is advised by Barclays, Evercore, KeyBanc Capital Markets and Ropes & Gray.
FB Financial, a bank holding company headquartered in Nashville, Tennessee, agreed to acquire and merge with Franklin Financial Network, a financial holding company headquartered in Franklin, Tennessee, in a $611m deal. The merger agreement has been unanimously approved by both companies’ boards of directors.
"We are very excited to announce our proposed merger with Franklin. Franklin is a well-known, high-service community bank with a leading position in Williamson and Rutherford counties. We are joining forces with the leading community bank in two of the most attractive counties in our market area. We look forward to building on the strong customer relationships that Franklin has fostered," Christopher T. Holmes, FB Financial President and CEO.
Franklin Financial Network is advised by Evercore and Alston & Bird. FB Financial is advised by JP Morgan and Wachtell Lipton Rosen & Katz. JP Morgan is advised by Sullivan & Cromwell.
Xerox is preparing to nominate as many as 11 directors to HP’s board, the Wall Street Journal reported, as the company seeks to push its $33.5bn takeover offer for the personal computer maker. The US-based printer maker bought a small stake in HP in recent weeks.
HP is advised by Goldman Sachs and Wachtell Lipton Rosen & Katz. Xerox is advised by Citigroup, King & Spalding, and Willkie Farr & Gallagher. Debt financing is provided by Bank of America Merrill Lynch, Citigroup, and Mizuho Securities.
TPG Capital completed a minority investment in Kelsey-Seybold Clinic Partners, the operator of a large multi-specialty clinic system located in Greater Houston. Financial terms were not disclosed.
"It was important to find the right partner to help us grow our Accountable Care model, while valuing the aspects of our culture and legacy that have led us to be one of the leading Accountable Care Organizations in the nation. We believe we found that partner in TPG Capital and are excited about the collaboration and expertise they bring to support our future growth," Tony Lin, Kelsey-Seybold Chairman and Managing Director.
Kelsey-Seybold was advised by Evercore and Simpson Thacher & Bartlett. TPG Capital was advised by JP Morgan and William Blair & Co.
Fiduciary Trust, a global wealth manager, agreed to acquire Pennsylvania Trust, a wealth management firm in the Philadelphia area. Financial terms were not disclosed.
"Pennsylvania Trust shares the same core values as we do—always putting the client first, providing the best possible client outcomes through a holistic approach to wealth management, and delivering peace of mind," John M. Dowd, Fiduciary Trust CEO.
Pennsylvania Trust is advised by Morgan Lewis & Bockius. Fiduciary Trust is advised by Willkie Farr & Gallagher and J Connelly.
Frazier Healthcare Partners, a provider of private equity capital to healthcare companies, completed the acquisition of EPTAM Precision Solutions, a high-precision outsourced manufacturer of mission-critical components with particular expertise in plastic, metal and injection molded applications. Financial terms were not disclosed.
"EPTAM has built an outstanding reputation through industry-leading capabilities and manufacturing excellence, and we are pleased to have made this important acquisition alongside an executive of Mark’s caliber. Mark is a highly regarded leader in the medical device industry, and we look forward to supporting him and the EPTAM team to accelerate the company’s growth and expand the services available to customers," Nathan Every, Frazier General Partner.
EPTAM Precision Solutions was advised by William Blair & Co and Choate Hall & Stewart. Frazier was advised by Goodwin Procter.
The US unit of Daiwa House, Japan's largest homebuilder, agreed to acquire a 60% stake in Trumark Companies, a California-based developer and homebuilder. Financial terms were not disclosed.
"Our firm recognizes California as an important market as a part of our North American growth strategy. Development in this state can be challenging and we look forward to working with Trumark and leveraging its track record and unique ability to navigate the complexities of development to achieve our expansion objectives," Nobuya Ichiki, Daiwa House USA President.
Trumark Companies is advised by Idea Hall. Daiwa House is advised by Morrison & Foerster.
A GV-led consortium agreed to acquire a minority stake in The Wing, a network of work and community spaces designed for women, from WeWork, a co-working and space-as-a-service platform. Financial terms were not disclosed.
"Last quarter, we articulated a long-term plan for disciplined growth and a clear path to profitability, and we continue to execute on this plan each day. These sales mark the latest progress in WeWork’s evolution and allow our talented team to focus on the core business and delivering an exceptional experience for our members," Artie Minson, WeWork co-CEO.
Private equity firm Summit Partners completed the investment in eClinical Solutions, a provider of cloud-based enterprise software and software-driven clinical data services. Financial terms were not disclosed.
"We are delighted to partner with Summit as we enter a new phase of growth. Summit has a long history of helping to accelerate growth and scale businesses. We believe their deep experience in the life sciences and HCIT markets will help propel eClinical Solutions to the next level," Raj Indupuri, eClinical Solutions Co-Founder and CEO.
Brainlab, the digital medical technology company, agreed to acquire VisionTree, a San Diego based company that develops cloud-based, patient-centric data collection and health management solutions. Financial terms were not disclosed.
"I believe that patient data must ultimately be controlled by the patient. The acquisition of VisionTree adds a tool to our portfolio that will give the patient more control over the data that is generated by our systems for the benefit of better treatment," Stefan Vilsmeier, Brainlab President and Chief Executive Officer.
The Stephens Group, a private investment firm, completed the acquisition of Kinetics Noise Control, a designer and manufacturer of innovative products and solutions that control airborne noise, isolate structure-borne vibration, enhance room acoustics, create quiet spaces and restrain non-structural building systems. Financial terms were not disclosed.
“Kinetics is a clear leader in this industry, has a great team, outstanding products and an excellent sales rep network. We are particularly pleased that Kirk Hendricks will continue in his role as President and CEO of Kinetics and that the entire Kinetics team is onboard and will remain in their respective roles,” Clay Hunter, The Stephens Group Managing Director.
Isagenix International, a provider of systems for weight loss, performance and vitality, agreed to acquire Zija International, which manufactures and distributes weight management, nutritional, energy and performance, skincare, and essential oil products. Financial terms were not disclosed.
"This comes at a promising time for both Zija and Isagenix. It brings great synergies to both companies, and in joining forces, our aligned missions to impact world health will be stronger than ever," Travis Ogden, Isagenix CEO.
Philadelphia Energy Solutions to sell its refinery to Hilco Redevelopment Partners.
The bankrupt Philadelphia Energy Solutions is expected to sell its fire-damaged refinery site to real estate developer Hilco Redevelopment Partners, Reuters reported. Any sale would have to be approved by the United States Bankruptcy Court for the District of Delaware.
There were more than a dozen initial bidders for the site. Only one of the groups, led by PES Chief Executive Officer Philip Rinaldi, had publicly stated intentions to revive the site as an oil refinery.
Elliott discloses a $760m stake in Evergy in a push for changes. (FS)
Elliott Management disclosed a $760m stake in Evergy and pressed the US Midwest utility owner to improve leadership or explore a merger.
The New York hedge fund, run by billionaire Paul Singer, owns 11.3m shares in the Kansas City, Missouri-based energy company and sees it as undervalued. Elliott said it could add $5bn in value for shareholders if the company stopped its share buyback program, cut operations and maintenance costs, and deployed more cash into developing its infrastructure network, including building more renewable power generation.
Goldman CEO says process on canceled WeWork IPO 'worked.'
Goldman Sachs CEO David Solomon called WeWork's abandoned initial public offering a great example of the listing process working, even if was "not as pretty as everybody would like it to be." Goldman Sachs was one of investment banks that would have led the IPO last year, after convincing the office space-sharing start-up it could improve on the $47bn valuation in a private fundraising round it secured in January 2019.
"The banks were not valuing (WeWork). Banks give you a model. You say to the company, well, if you can prove to us that the model actually does what it does, then it's possible that the company is worth this in the public markets," David Solomon.
WeWork was considering a valuation of as low as $10bn and $12bn at the time it was preparing for an IPO in September, Reuters reported.
Wynnchurch Capital closes Fund V at $2.3bn. (FS)
Middle market private equity firm Wynnchurch Capital closed its fifth fund, Wynnchurch Capital Partners V, with $2.3bn of committed capital. The fund, which had a target of $1.6bn, was significantly oversubscribed, resulting in the fund reaching its hard cap and closing quickly after its initial launch in September 2019.
"We are excited about Fund V and how our team is positioned today to invest with the same value-oriented/operationally focused strategy we have developed and refined over the last 20 years," Chris O'Brien, Wynnchurch Managing Partner.
Incline Equity Partners closes $1.2bn PE fund. (FS)
Sixpoint Partners closed Incline Equity Partners V, and Incline Equity Partners V-A, with $1.2bn of capital commitments. The fund was oversubscribed above its initial target of $850m after just three months of marketing.
"We are extremely grateful for the demand and support generated from our limited partners in Fund V. Incline looks forward to building on our track record as a leading player in the middle-market investment community by remaining focused on producing value for our portfolio companies and investors in Fund V," Jack Glover, Incline Managing Partner.
EMEA
Fiat Chrysler’s chief executive Michael Manley said that merger talks with Peugeot owner PSA to create the world’s number 4 carmaker are progressing well and he hopes to have a deal within 12-14 months.
“That global platform is an elusive beast. This concept of a massive global platform in my mind is almost a myth, but that does not mean to say we’re not going to recruit significant volume,” Michael Manley, Fiat Chrysler Chief Executive.
Fiat Chrysler is advised by Bank of America Merrill Lynch, Barclays, Citigroup, Goldman Sachs, JP Morgan, UBS, d'Angelin & Co, Darrois Villey Maillot Brochier, De Brauw Blackstone Westbroek, Legance, Loyens & Loeff, Sullivan & Cromwell, Cleary Gottlieb Steen & Hamilton, Macfarlanes, Community Group, Image Sept, and Sard Verbinnen & Co. BPIFrance is advised by Willkie Farr & Gallagher. Peugeot Family is advised by Zaoui & Co. PSA Group is advised by Mediobanca, Messier Maris & Associes, Morgan Stanley, Perella Weinberg Partners, Bredin Prat, Cabinet Bompoint, Linklaters, and Stibbe. EXOR is advised by Lazard.
Advent International completed the acquisition of Cobham, a provider of technologies and services to solve challenging problems in commercial, defense and security markets, for £4bn ($5.2bn).
“Advent is proud to build on our strong track record of UK investment as we take this historic company forward, on the next chapter of its development. We have strong conviction in Cobham’s businesses and look forward to delivering on each one’s full potential, for the benefit of customers, suppliers and employees around the world,” Shonnel Malani, Advent Partner.
Cobham was advised by Bank of America Merrill Lynch, JP Morgan, Rothschild & Co, Allen & Overy and MHP Communications. Advent was advised by Citigroup, Credit Suisse, Goldman Sachs, Linklaters, Weil Gotshal & Manges and Finsbury. GSO provided debt financing and was advised by White & Case.
Tencent, an Internet company with a strong online games operation, agreed to acquire Funcom, a Norwegian computer games maker, for $148m.
“We have had a great relationship with Tencent as our largest shareholder so far and we are excited about this opportunity. We will continue to develop great games that people all over the world will play, and we believe that the support of Tencent will take Funcom to the next level. Tencent will provide Funcom with operational leverage and insights from its vast knowledge as the leading company in the game space,” Rui Casais, Funcom CEO.
Tencent is advised by JP Morgan, Baker McKenzie, AGP Advokater. Funcom is advised by ABG Sundal Collier, Advokatfirmaet CLP DA and Weidema van Tol.
Danfoss, a Danish industrial company, agreed to acquire the Hydraulics business of Eaton, an Irish-domiciled multinational power management company, for $3.3bn. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close by the end of the year.
“Eaton Hydraulics is a highly respected player in the global hydraulics industry, recognized for its dedicated people and strong brands. By combining the knowledge and experience of these two companies, our customers will benefit from unmatched expertise from a single partner,” Kim Fausing, Danfoss President and Chief Executive Officer.
Danfoss is advised by Winston & Strawn and Citigroup.
DATAGROUP, a German IT service company, agreed to acquire a 68% stake in Diebold Nixdorf Portavis, a software company in Hamburg, Germany, from Diebold Nixdorf, an American multinational financial and retail technology company. Financial terms were not disclosed.
"The future of the banking sector is digital. In a low-interest-rate environment, electronic banking and mobile payment services provide a means for improving the profitability in the banking world – this also increases the demand for services in the IT sector. At the same time, the increasing regulation of the sector, e.g., the EU’s Payment Services Directive, leads to higher requirements for banks. We assume that we can continue to grow strongly in the banking sector," Andreas Baresel, DATAGROUP Chief Production Officer.
Diebold Nixdorf is advised by Sullivan & Cromwell.
MSCI, a provider of decision support tools and services for the global investment community, agreed to acquire a stake in Burgiss, which operates as a software company, for $190m.
“Private asset investing is on the precipice of a significant transformation. Investors are increasingly looking to private assets to achieve outsized, uncorrelated and differentiated returns. However, the willingness of investors to expand their private asset portfolios will depend on new methods and tools that help them better understand the private asset markets, the characteristics of investments, asset valuations, the impact of leverage and liquidity, and the drivers of performance and risk,” Henry Fernandez, MSCI Chairman & CEO.
MSCI is advised by Davis Polk & Wardwell.
Kyocera Document Solutions, a manufacturer of high-tech ceramics, electronic components, solar cells and electronic office equipment, agreed to acquire Ever Team Software, a French-based provider of enterprise content management solutions. Financial terms were not disclosed.
"By combining Everteam's cutting-edge solutions with its current ECM lineup, Kyocera hopes to meet diverse needs with a broader portfolio and contribute to the development of its customers' businesses. Everteam will continually develop its business as an independent company within the Kyocera Group and maintain their existing operations," Kyocera.
Kyocera is advised by Rothschild & Co.
Amundi, the largest European asset manager, agreed to acquire Sabadell Asset Management, the asset management unit of Banco Sabadell, which attracts deposits and offers commercial banking services, for €430m ($477m).
“This is a strategic and commercial decision that allows us to leverage the product offering, experience and capabilities of the European leader in asset management. This alliance is a great opportunity to enhance and drive the investment & savings business and strengthen Banco Sabadell’s commitment to provide expert advice and excellence in customer service," Josep Oliu, Sabadell Chairman.
Greenlight Capital, David Einhorn’s hedge fund, completed its acquisition of an undisclosed stake in Software, a German business software developer. Greenlight said that Software stock was purchased at €31 ($40) per share, representing a multiple of 2.3 times revenue and “a deep discount to comparable companies”.
Cedar, a privately-owned commodities business, agreed to acquire Stemcor, a global steel trading and distribution company. Financial terms were not disclosed.
“Cedar Holdings is dedicated to building a world-leading commodities group. Stemcor has a well-established global sales network, which will offer potential synergies with the existing domestic and international business of Cedar Holdings. At the same time, supported by Cedar Holdings, Stemcor will be able to develop new business opportunities. The transaction is a win-win result where complementary benefits will emerge,” Gang Han, Cedar Vice President, and Commodities Supply Chain Group President.
Bombardier explores combining rail unit with Alstom.
Shares in French train manufacturer Alstom jumped 2% on Wednesday, hitting their highest in almost two years, after a report of a potential approach by its Canadian peer Bombardier to combine the firm's rail business. Bloomberg reported that the companies had held preliminary talks about a rail deal in the past few months.
The latest considerations between Bombardier and Alstom could face antitrust scrutiny, and there's no certainty they will lead to a transaction. A rail deal is among several options the Canadian company is exploring to stabilize its portfolio, which also includes business jets.
Eurazeo hires banks for $2.2bn sale of Planet. (FS)
European buyout fund Eurazeo hired Citigroup and Evercore to prepare the sale of its payments business Planet in a deal that could value the Irish firm at up to $2.2bn, according to a Reuters report.
Eurazeo wants to launch an auction process in March as it seeks to capitalize on the rise of online shopping and mobile phone payments.
HLD Europe in talks to buy Exxelia. (FS)
French investment fund HLD Europe entered into negotiations with London-based IK Investment Partners to buy a majority stake in Exxelia, a manufacturer of components in the space and defense industries.
HLD Europe's planned purchase of Exxelia would give the company an enterprise value of around $550m.
F2i hires Rothschild & Co to sell stake in solar unit EF Solare. (FS)
Italy’s biggest infrastructure fund F2i picked Rothschild & Co to sell a minority stake in its solar power venture EF Solare Italia to pay down debt. EF Solare, Italy’s biggest solar power operator, is worth around $3.3bn including debt, according to a Reuters report.
First Abu Dhabi Bank in talks to buy Egyptian unit of Lebanon's Bank Audi.
United Arab Emirates’ largest lender First Abu Dhabi Bank is in talks to potentially acquire the Egyptian subsidiary of Lebanon’s Bank Audi, Reuters reported.
Bank Audi’s chief executive Samir Hanna earlier this month had meetings with FAB’s group chief executive Abdulhamid Saeed to discuss the sale, and a nondisclosure agreement has been signed.
Aramco international listing 'still on the cards,' according to Saudi minister.
Saudi Aramco is still considering listing shares abroad, the kingdom's Finance Minister Mohammed Al-Jadaan said.
"It's still on the cards, we made that very clear. We will consider it, but I don't think it's going to be anytime soon," Mohammed Al-Jadaan.
Aramco raised $29.4bn in the world's biggest-ever initial public offering, overtaking Microsoft and Apple as the most valuable listed company.
Yandex CEO looking to sell some shares in 2020.
Russian internet giant Yandex said its founder and CEO Arkady Volozh intends to sell a limited number of his shares in the company. The company said Volozh and his family trust may sell up to a total of 2m Class A shares over the next year.
Harrison Street buys UK biotech properties. (RE)
Harrison Street, one of the largest alternative real asset investment firms, and Trinity Investment Management agreed to buy five UK life sciences properties in a £250m ($325m) deal, in the latest example of US investors betting on the British biotech industry.
“There’s been a wave of momentum in the life sciences industry and the real estate that it occupies but there’s still unbelievable growth,” Christopher Merrill, Harrison Street Co-founder.
Angola to kick off Sonangol IPO before 2022.
Angola will kick off the process to list 30% of oil company Sonangol in the next two years though not before the state-owned firm has been overhauled, the country's minister of Mineral Resources and Petroleum Diamantino Azevedo said.
In a first step, many of Sonangol's non-core businesses will be earmarked for privatization, after which the rest of the core company would be overhauled, according to a Reuters report.
Clariant revives pigments unit auction. (FS)
Clariant, a Swiss specialty chemicals company, is reviving the sale of its pigments unit, Reuters reported, which may fetch up to $928m, as the Swiss chemicals maker slims down after failing to combine with peers.
Deutsche Bank, mandated by Clariant to find a buyer, will launch the auction next month. Information memorandums are going to private equity groups such as Cinven, Bain, Triton, Ardian and SK Capital in the first quarter.
OTP in talks to buy Garanti BBVA's Romanian unit.
Hungary's OTP Bank is in talks to buy the Romanian unit of Garanti BBVA, a financial services company based in Turkey. OTP's chief executive and chairman Sandor Csanyi said earlier this year that OTP was interested in buying more banks in Slovenia after purchasing the regional unit of France's Societe Generale last year.
Ardian Private Debt holds final close of fourth-generation platform. (FS)
Private investment house Ardian raised $3.3bn from investors for its fourth-generation private debt platform to provide financing to mid-market companies across Europe.
"This fundraise demonstrates the momentum of Ardian Private Debt and the increasing attraction of the asset class as demand for financing from dynamic, middle-market European companies grows. Building on Ardian's strong track record, the platform's expanded offering provides greater opportunities to venture more and more into territory that used to belong exclusively to the banks," Mark Brenke, Ardian Head of Private Debt and Managing Director.
Germany's EWE gets funding boost from Ardian. (FS)
German regional utility EWE has access to $555m in funds for growth from French private equity firm Ardian, its new anchor shareholder, according to a Reuters report.
Ardian, through its infrastructure arm, last month agreed to buy a 26% stake in EWE, marking the end of an M&A process that was started when former anchor shareholder, German utility EnBW, decided to pull out four years ago.
Investor bought ABB shares for $105m. (FS)
Sweden’s Investor, the largest owner in automation and robotics firm ABB, increased its stake in the company further in the fourth quarter buying shares for SEK1bn ($105m), Reuters reported.
“ABB has strong market positions in attractive industry segments, and we see potential for operational improvements under the leadership of the new CEO Bjorn Rosengren,” Johan Forssell Investor Chief Executive.
Investor had an 11.8% stake in ABB, holding 255m shares worth around SEK57bn ($6bn) by the end of 2019. Investor said it bought ABB shares for SEK4.3bn ($455m) during 2019.
Blossom Capital raised new $185m European early-stage fund. (FS)
Blossom Capital, the early-stage VC firm co-founded by ex-Index Ventures and LocalGlobe VC Ophelia Brown, announced a second fund, less than 12 months since fund one closed. The new fund, which is described as “heavily oversubscribed,” sits at $185m, up from $85m first time around.
APAC
CapitaLand Mall Trust, which holds a portfolio of shopping centers in Singapore, agreed to merge with CapitaLand Commercial Trust, the city-state’s largest office landlord, in a cash-and-stock deal $6.1bn deal.
The new combined trust called CapitaLand Integrated Commercial Trust is expected to become the third-largest real estate investment trust in Asia-Pacific with a market capitalization of about $12.4bn and a combined property value of about $17bn.
Elliott sells stake in Hyundai Motor. (FS)
Elliott Management sold all its shares in Hyundai Motor Group companies last year, after the US activist hedge fund’s campaign demanding $6bn in dividends and board seats was thwarted in March.
Elliott held more than $1bn worth of shares in Hyundai Motor, Kia Motors and Hyundai Mobis, an Elliott unit said in April 2018. But it was not on the December 2019 year-end list of shareholders in any of the companies.
Activist investor calls on Toshiba Machine to put defense plans before shareholders. (FS)
Japan’s most prominent activist investor demanded Toshiba Machine hold an extraordinary shareholders meeting to discuss its plans to introduce defense measures against a hostile takeover, Reuters reported.
The demand from investor Yoshiaki Murakami came a day after he launched a hostile bid of up to $235m for control of the company. Toshiba Machine said it could adopt poison-pill measures to fend off acquisition attempts by issuing stock warrants to existing shareholders and diluting the holdings of unwanted suitors.
Shriram Capital to stop three-way merger after RBI request.
Shriram Capital delayed a plan to merge with its publicly traded units Shriram Transport Finance and Shriram City Union Finance after the Reserve Bank of India requested the group to cut its stake in its insurance business, Bloomberg reported.
|
