Market Tracker weekly bulletin – 24 January 2019

Market Tracker weekly bulletin – 24 January 2019

A round up of key developments in corporate transactions covered by Lexis®PSL Corporate and Market Tracker this week, including an offer for RPC Group by Apollo Global Management, the administration of Patisserie Valerie, a look at recent transfers from AIM to the Main Market and the Main Market to AIM, and a summary of the Financial Times and ICSA’s Boardroom Bellwether Winter Survey.

Takeovers

RPC Group plc offer by Apollo Global Management

On 23 January 2019, RPC announced that it had received a final recommended cash offer from Apollo for £3.3 billion to acquire its entire issued and to be issued ordinary share capital. The offer by Apollo is structured by way of a scheme of arrangement and follows a period of negotiation that began in September, during which Apollo extended the deadline for the takeover five times.

RPC had originally been the subject of two competing possible bids, with private equity firm Bain Capital eventually withdrawing its offer in December last year.

Corporate Governance and AGMs

Patisserie Valerie in administration

Café chain Patisserie Valerie has fallen into administration after a series of failed rescue talks with banks.

KPMG, the company’s administrator will close 70 outlets immediately. The remaining 121 outlets will continue to trade, with the hope of securing financing.  The company announced in a statement that it did not have enough money to pay off its significant debts.

In October 2018, the company raised funds through a placing, however this has not been sufficient to ensure that all liabilities are met.

Rachel Reeves MP, Chair of the Business, Energy and Industrial Strategy Committee, said:

‘The extraordinary black-hole in Patisserie Valerie’s accounts which has led to this administration raises grave corporate governance concerns and poses serious questions regarding the effectiveness of the auditor and the current arrangements for regulation. The BEIS Committee will picking up these issues in the context of our current inquiry on the future of audit.’

In focus: Recent transfers from

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Market Tracker is a unique service for corporate lawyers housed within Lexis®PSL Corporate. It features a powerful transaction data analysis tool for accessing, analysing and comparing the specific features of corporate transactions, with a comprehensive and searchable library of deal documentation across 14 different deal types. The Market Tracker product also includes news and analysis of key corporate deals and activity and in-depth analysis of recent trends in corporate transactions.