Market Tracker weekly round-up—17 August 2018

Weekly round-up of the latest corporate announcements, including recommended cash offers by WCAS XII-Astro, L.P. for Abzena plc and by Bain Capital Private Equity, LP for esure Group plc, a recommended cash and share offer by CareTech Holdings plc for Cambian Group plc, secondary offers by Arena Events Group plc and Shearwater Group plc, a joint venture between Auto Trader Group plc and Cox Automotive UK Limited, a reverse takeover by Shearwater Group plc, a return of value by Admiral Group plc, a demerger and a related party transaction by Salvarx Group plc, an AGM notice from Rank Group plc.
The weekly round-up covers all deals announced within our statement of scope until 12 noon on the Friday of the previous week. Any deals announced after this time will be included in the following day's round-up.The information contained in the weekly round up is republished in the monthly round up at the end of the month. The Market Tracker monthly round-up—July 2018 is currently available. To access previous monthly round ups please visit the Monthly deal round-ups archive.

All transactions covered in this update are available on the Market Tracker deal analysis tool containing over 3000 public company deal summaries.

For trend reports and other analysis see our Trend Reports subtopic.

New deals announced:

AGMs

Announcement date Company Industry sector Key information
16 August 2018 Rank Group plc Travel, hospitality, leisure & tourism Rank Group has announced that its 2018 AGM will be held on 18 October 2018.

Demergers

Announcement date Company Industry sector Key information
14 August 2018 Salvarx Group plc Pharmaceuticals & biotechnology Salvarx announced that it has entered into a conditional sale agreement for the disposal of its interest in SalvaRx Limited, its 94.2% owned subsidiary, to Portage Biotech Inc., a company listed on the Canadian Securities Exchange for a consideration of US$67.5 million, to be satisfied by the issue of 757,943,784 new shares in Portage.

Joint ventures

Announcement date Deal Industry sector Key information
16 August 2018 Auto Trader Group plc and Cox Automotive UK Limited Automotive Auto Trader Group has announced a joint venture with Cox Automotive UK Limited to provide a leading digital marketplace for wholesale vehicles in the UK.

LR/AIM Rules transactions

Announcement date Company Industry sector Key information
14 August 2018 Salvarx Group plc Pharmaceuticals & biotechnology Salvarx announced a related party transaction under Rule 13 of the AIM Rules.

Returns of value to shareholders

Announcement date Company Industry sector Key information
15 August 2018 Admiral Group plc Financial services Admiral announced a special dividend of 19.2 pence per share. The dividend will be paid on 5 October 2018. The ex-dividend date is 6 September 2018 and the record date is 7  September 2018.

Reverse takeovers

Announcement date Company Industry sector Key information
17 August 2018 Shearwater Group plc acquisition of Brookcourt Solutions Limited Computing & IT Shearwater announced that it entered into a conditional agreement to acquire the entire issued share capital of Brookcourt Solutions Limited, a leading independent UK-based cyber security solutions company, for total consideration of £30.3 million.The proposed acquisition would constitute a reverse takeover under rule 14 of the AIM Rules.

Secondary offers

Announcement date Issuer Industry sector Key information
17 August 2018 Shearwater Group plc Computing & IT Shearwater Group announced a proposed placing and open offer. The proposed placing is estimated to raise gross proceeds of approximately £25 million-£30 million and the open offer is estimated to raise up to £1 million. The placing and open offer are in relation to Shearwater Group’s acquisition of Brookcourt Solutions Limited.
15 August 2018 Arena Events Group plc Travel, hospitality, leisure & tourism Arena Events announced a placing to raise up to £20 million. 33,333,334 new ordinary shares will be issued, at a price of 60 pence per share. The net proceeds of the placing will be used to fund the initial consideration of the business and assets of Stuarts Rentals and the entire issued share capital of TGP.

Takeovers

Announcement date Deal Industry sector Key information
16 August 2018 Cambian Group plc offer by Caretech Holdings plc Healthcare CareTech announced that it made a recommended cash and share offer for the entire issued and to be issued share capital of Cambian structured by way of a scheme of arrangement. The offer value on a fully diluted basis is approximately £372 million and approximately £289 million on an enterprise value basis.Cambian shareholders are also offered a full cash alternative of 190 pence per each Cambian share. Under the terms of the full cash alternative, the offer value on a fully diluted basis would be approximately £354 million and approximately £271 million on an enterprise value basis.
The firm offer follows from the possible offer made by CareTech on 10 July 2018.
16 August 2018 Abzena plc offer by WCAS XII-Astro, L.P. Pharmaceuticals & biotechnology Abzena announced that it received a recommended cash offer from WCAS, wholly owned subsidiary Astro Bidco Limited, for the entire issued and to be issued share capital of Abzena by way of a scheme of arrangement. The offer value is £34.4 million.
14 August 2018 esure Group plc offer by Bain Capital Private Equity, LP Financial services esure announced it reached an agreement on a recommended cash offer from Bain Capital for the entire issued and to be issued share capital of esure by way of a scheme of arrangement. The offer will be made through Blue (BC) Bidco Limited a wholly owned subsidiary funds advised by Bain Capital Private Equity, LP and its affiliates.The offer value is £1.2 billion.
The firm offer comes a day after the announcement of the possible offer made by Bain for esure on 13 August 2018.
13 August 2018 esure Group plc possible offer by Bain Capital Private Equity, LP Financial services esure announced it received a possible cash offer for its entire issued and to be issued share capital by Bain Capital. The board of esure are minded to recommend the firm offer if made by Bain Capital at the price set in the possible offer. The value of consideration is 280 pence in cash per each esure share.The PUSU deadline is on 10 September 2018.
Filed Under: Round-ups

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