Corporates seeking international rescue

Article Abstract:

The mid-market merger and acquisition sector continues to expand, with deal values now beginning at $10 million and rising as high as $500 million. There is considerable variation in the fortunes of companies undertaking deals in this range. There are many neglected mid-market companies. The share price of these companies has remained static for a long time, limiting their ability to raise capital for growth. This problem has prompted several public-to-private deals in the UK. Medium-sized companies have come under increasing pressure since mid-1998 because globalization is now affecting smaller companies.

Corporate growth

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The drinking man's merger

Article Abstract:

The 9.8 billion pounds sterling merger of Grand Metropolitan and Guinness, completed in Dec 1997, involved six financial advisers in various different roles. In some areas, advisers shared responsibilities, and it is difficult to establish exactly which adviser did what. Lazards was retained financial adviser to Guinness, and worked with Grand Metropolitan and SBC Warburg Dillon Read to prepare the initial merger proposal. BZW worked for LVMH, while SBC Warburg Dillon Read was retained financial adviser to Grand Metropolitan in the UK. Other advisers were Lehman Brothers, Morgan Stanley and NM Rothschild.

Grand Metropolitan PLC, Arthur Guinness Son PLC

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A refreshing deal

Article Abstract:

BC Partners received support from debt providers DLJ and Allied Irish Bank for the 650 million Irish punts buyout of drinks distributor Cantrell & Cochrane. Allied Domecq allowed the deal to go ahead because it believed that BC Partners offered secure funding. The price paid by BC Partners is a premium of around 15% to that paid by Allied Domecq for Guinness's stake in Cantrell & Cochrane in Jul 1998. It is hoped that Cantrell & Cochrane will now be able to expand, both organically and by acquisition.

Acquisitions Analysis, Nonalcoholic Beverages, Soft Drink and Ice Manufacturing, Soft drink industry, Non-alcoholic beverages, BC Partners, Cantrell and Cochrane Group Ltd.

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