Deadline for Intu takeover offer extended again.
Shopping center landlord Intu Properties reported that the deadline for a possible takeover offer had been extended once again.
The group, which owns Manchester’s Trafford Centre and the Lakeside retail center in Essex, is the subject of a possible £2.9bn ($4bn) takeover by a consortium of investors comprising of John Whittaker, Peel Group, Olayan Group, and Brookfield.
Earlier this month the consortium, which owns about a third of Intu’s stock already, requested the deadline for making a firm offer be extended, which Intu agreed to. On Thursday Intu said the group had again requested an extension, in order to satisfy pre-conditions including its financing arrangements with its lender.
Cambrex to acquire Avista Pharma for $252m from Ampersand Capital Partners.
Cambrex Corporation, the leading manufacturer of small molecule innovator and generic Active Pharmaceutical Ingredients, and finished dosage forms, entered into a definitive agreement to acquire Avista Pharma Solutions, a contract development, manufacturing, and testing organization, for approximately $252m.
Avista is a portfolio company of Ampersand Capital Partners, and a leading healthcare-focused private equity firm.
With this acquisition, Cambrex will enter the large and growing market for early-stage small molecule development and testing services.
“We are excited to announce our acquisition of Avista, which further rounds out our small molecule service offering by adding a full complement of early-stage development capabilities for both API and finished dosage form as well as comprehensive analytical testing services." Steve Klosk, Cambrex President and CEO.
Cambrex was advised by Wells Fargo Securities and Ropes & Gray. Avista was advised by Bourne Partners and Goodwin Procter.
PE-backed David's Bridal went bankrupt.
Wedding dress retailer David's Bridal has filed for Chapter 11 bankruptcy after missing an interest payment last month, part of a deal expected to decrease the company's $760m debt load by some $400m.
Existing David's Bridal stores will stay open during bankruptcy proceedings.
Clayton Dubilier & Rice acquired David's Bridal for more than $1bn in 2012, with Leonard Green & Partners acting as a minority investor.
APAC
Sun Life Financial is among suitors vying to acquire FTLife Insurance, in a deal that could value the Hong Kong insurer at more than $3bn.
The Toronto-based insurer is competing with other bidders including the billionaire Cheng family’s Chow Tai Fook.
Asian alternative asset manager PAG has held talks with investment funds including Singapore sovereign fund GIC about a potential joint offer.
The Sun Life's stock has fallen 7% this year.
FTLife’s owner, Chinese investment firm JD Capital, has asked for second-round bids within the next couple weeks.
Temasek is exploring the new deals in Artificial Intelligence and Blockchain technology.
Temasek Holdings, Singapore’s state investment firm, is setting up new groups to explore opportunities in artificial intelligence and blockchain technologies, which it sees as long-term trends impacting multiple industries and geographies.
China Cinda Asset Management is advising HNA Group.
Chinese conglomerate HNA Group has turned to state-owned China Cinda Asset Management, among the country’s largest bad debt managers, for advice on asset disposals.
Dennis Chen, HNA Group’s VP, met with Cinda President Chen Xiaozhou on Tuesday to discuss cooperation.
Cinda will continue to support HNA’s strategic transformation and its asset disposals in the core and ancillary businesses.
