Matthew Clark PLC agrees to an offer from Canandaigua

Article Abstract:

Matthew Clark PLC finally accepted Canandaigua Brand Inc.'s bid to acquire the company for 243 pence (US$4.04) a share, or about 215 million pounds sterling (US$358 million). Canandaigua's takeover bid represents an 81% premium to Matthew Clark's closing price on Oct. 21, 1998. According to Canandaigua President and CEO Richard Sands, the purchase of Matthew Clark is in line with the company's growth strategy of acquiring businesses to expand its geographic presence outside of US. The transaction will also help Canandaigua Brand in its future acquisition efforts.

Comment:

Acquires Matthew Clark PLC, UK

Cider, All Other Food Manufacturing, Matthew Clark PLC, Canandaigua Brand Inc.

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U.K. refers Cendant proposal to MMC

Article Abstract:

Cendant Corp.'s planned 450 million pounds sterling purchase ($758.9 million) of RAC Motoring Services (RACMS) is set to be submitted by the UK Department of Trade and Industry to the Monopolies and Mergers Commission (MMC). The decision to refer US-based Cendant's proposal to the MMC follows after the department was advised by the Director General of Fair Trading that the transaction is generating competition issues in the breakdown-insurance industry. A spokesman for Cendant stated that the firm intends to plead its case and complete the deal.

Comment:

Its planned 450 mil pounds sterling purchase of RAC Motoring Services is to be submitted to the Monopolies & Mergers Commission

Process, Physical Distribution, and Logistics Consulting Services, Marketing Consulting Services, Motor Vehicle Services, Automotive services industry, Avis Budget Group Inc., RAC Motoring Services Ltd.

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Wembley turns down bid from SFX Entertainment

Article Abstract:

Wembley PLC has turned down SFX Entertainment Inc.'s 250 million pound sterling ($402 million) bid to acquire the firm. Wembley said that the offer from SFX was inadequate. Wembley owns London's Wembley Stadium. The company asserted that the bid did not express any "commitment" on the part of SFX. Wembley also said that it was undervalued by the offer. SFX stated that it could offfer from 400 pence to 450 pence per share if it can access more information.

Comment:

Wembley turns down SFX's 250 million pound sterling ($402 million) bid

Record Production, Theatrical producers and services, Commercial Sports, Sports Clubs & Racing, Spectator Sports, Concert Music Producers, Planning, Abstract, Music industry, Sports facilities, Concert producers (Persons), Clear Channel Entertainment Inc., Wembley PLC

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