FT reported that when Tiffany & Co was looking for an alternative suitor after receiving a takeover approach from LVMH, the US jeweler turned to Warren Buffett. Although he had bailed out Tiffany during the financial crisis, he rejected the advances this time. This cleared the way for LVMH to press ahead with its acquisition of Tiffany, eventually agreeing to pay $16.6bn, including debt.
Tiffany is advised by Centerview Partners, Goldman Sachs, Weil Gotshal and Manges, Sullivan & Cromwell, and Sard Verbinnen & Co. LVMH is advised by Citigroup, JP Morgan, Cleary Gottlieb Steen & Hamilton, Skadden Arps Slate Meagher & Flom, White & Case, Brunswick Group, DGM Conseil, Deluxewords, Kekst CNC, Montfort Communications, SEC and Partners, and Publicis Consultants. Debt providers are advised by Allen & Overy.
Hudson's Bay Chairman Richard Baker and his partners approached the retailer's minority stockholders, including bidding rival Catalyst Capital, to potentially raise their take-private bid, Reuters reported.
Baker and his partners floated the idea of increasing their bid to around C$11 ($8.44) per share, from a prior offer of C$10.30 ($7.9), about the same price Catalyst Capital Group offered for the Saks Fifth Avenue owner.
Hudson's Bay is advised by Centerview Partners, JP Morgan, and Blake Cassels & Graydon. Rhone Capital is advised by Gibson Dunn & Crutcher.
First Community Bankshares, parent company of First Community Bank, completed its merger with Abingdon, VA-based Highlands Bankshares, parent company of Highlands Union Bank, in a $91m deal.
"First Community will be an excellent partner when it comes to culture, commitment to customer satisfaction, and involvement in our local communities. Our customers will have access to a broader product offering and branch network while continuing to receive service that exceeds their expectations. Our employees will join a familiar culture and our shareholders will enjoy the benefits of being part of a high-performing $2.8bn asset franchise," Bryan Booher, Highlands Interim CEO and President.
Highlands was advised by Stephens and Nelson Mullins Riley & Scarborough. First Community was advised by Banks Street Partners, Bowles Rice, Fox Rothschild and Pitman Law.
WSP Global, a Canadian business providing management and consultancy services, completed its acquisition of Ecology and Environment, an environmental consulting services company, for $65m. Under the terms of the agreement, E & E’s shareholders received $15 in cash, and a special dividend of up to $0.50, for each share of Class A and Class B common stock they own.
"The Board is pleased to have approved a transaction that delivers significant value to E & E’s shareholders and also allows our outstanding professionals to be part of WSP, a leading global firm which is dedicated to serving our clients in solving their environmental needs. The cultural fit and vision of the two organizations combined with achieving more than a 52% premium for our shareholders achieves the Board’s objective of providing value and opportunities for all of our constituents," Marshall Heinberg, E & E Executive Chairman.
WSP was advised by Hogan Lovells. E & E was advised by Robert W Baird and Cleary Gottlieb Steen & Hamilton.
A Tencent-led consortium agreed to acquire a 10% stake in Universal Music Group, an American global music corporation, from Vivendi, a French mass media conglomerate headquartered in Paris, for $3.4bn.
"Tencent and the consortium members are excited to support UMG’s growth through this investment. Together with Vivendi, Tencent and Tencent Music Entertainment will work to broaden the opportunities for artists and to enrich experiences for music fans, further promoting a thriving music and entertainment industry," Tencent.
Canadian Pacific, a railway service operator, completed the acquisition of Central Maine & Quebec Railway, a railway operator, from Fortress Transportation and Infrastructure Investors. Financial terms were not disclosed.
"This strategic acquisition gives CP a true coast-to-coast network across Canada and an increased presence in the eastern US," Keith Creel, CP President, and CEO.
Janssen completes acquisition of bermekimab.
The Janssen Pharmaceutical Companies of Johnson & Johnson, a pharmaceutical company headquartered in Beerse, Belgium, announced the completion of the acquisition of all rights to the investigational compound bermekimab, which has multiple dermatological indications, from XBiotech for $750m.
"Adding bermekimab to our pipeline and portfolio builds on our legacy in immuno-dermatology, while expanding our reach to two additional disease areas with immense unmet need: atopic dermatitis and hidradenitis suppurativa," David M. Lee, Janssen Research & Development Immunology Therapeutic Area Head.
Turkish Wealth Fund, a sovereign wealth fund, agreed to acquire a 10% stake in Borsa Istanbul, the sole exchange entity of Turkey, from the European Bank for Reconstruction and Development. Financial terms were not disclosed.
"The EBRD will continue to support an enabling environment for local currency-denominated financial products and the deepening of local capital markets," EBRD.
Apollo and Varde pull out of the race for Altico. (FS)
Apollo Global Management and Varde Partners are no longer considering bidding for Altico Capital India, an Indian shadow lender. The firms pulled out because they were unwilling to meet creditor demands to inject as much as $280m of fresh equity into Altico, Bloomberg reported.
JP Morgan looks to take full control of China futures joint venture.
JP Morgan is seeking 100% ownership of its futures joint venture in China, making it the first global bank to take advantage of the opening of the nation's futures market, where transactions topped $30tn last year.
The onshore venture applied for a major shareholding change involving more than a 5% stake, according to a December 25 filing to the China Securities Regulatory Commission.
Anbang Insurance looking to sell stake in Chengdu Rural Commercial Bank.
China's Anbang Insurance Group, which was taken over by the government last year, put its 35% stake in Chengdu Rural Commercial Bank, which provides deposits, loans, trade financing, wealth management, and other services, up for sale for $2.4bn, in its second attempt to offload the lender.
The planned sale, revealed in an exchange filing on Tuesday, comes as China attempts to tame financial and credit risks among the country's smaller lenders while Anbang, once among China's most aggressive dealmakers, conducts a slew of asset sales, according to a Reuters report.
Warburg Pincus-backed NWP acquires Lippo Malls for $124m. (FS, RE)
NWP Retail, a shopping mall developer backed by Warburg Pincus, agreed to acquire five Lippo shopping malls in Indonesia for $124m.
Two shopping malls will be acquired from the Indonesian units of Singapore-listed Lippo Malls Indonesia Retail Trust for $92m while another three will be bought for $31m from entities owned by PT Multipolar.
EV Growth closed a $250m fund. (FS)
EV Growth, a Singapore-headquartered venture capital firm, hit the hard cap of its first fund at $250m, exceeding the firm's initial $150m target.
"The inflection point in Southeast Asia is now and we are lucky to be here early. Our firm's operating experience, deal velocity, local knowledge and regional networks have helped us capture some of the best deals in the region. We plan to deploy $325m for Southeast Asian startups combining active funds size, for both seed and growth stage," Willson Cuaca, EV Growth Managing Partner.
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