City news: DX parcel group, Shawbrook and Entertainment One
PARCEL group DX is looking at a merger with the distribution arm of aviation services firm John Menzies.
Parcel group DX is looking at a merger with aviation services firm John Menzies
DX, fighting off demands from leading investor Gatemore Capital for boardroom changes after a profit warning, would pay £60million in cash and issue new shares, giving Menzies shareholders a three-quarters stake.
Menzies Distribution’s managing director Greg Michael and finance director Paul McCourt would become DX chief executive and chief financial officer.
Gatemore said: “It looks a bad deal for shareholders and a face-saving for the DX board. It seems an attempt to distract from operating results.”
Shawbrook shares went up after it rejected private equity firms takeover
Shawbrook rejects £842m
CHALLENGER bank Shawbrook has rejected an £842million takeover by private equity firms, but its shares jumped 35p to 339¼p on hopes for a higher bid.
The 330p-a-share offer plus 2.7p dividend from Pollen Street Capital, its biggest investor, and BC Partners was pitched at the same level as last month’s proposal.
Pollen Street’s Lindsey McMurray said: “The offer will create an ownership structure with long-term, supportive investors that will allow the company to adopt a more flexible approach to changing market dynamics.”
Shawbrook will set out its views to shareholders “in due course”.
Peppa Pig starred for Entertainment One as merchandise sales broke the $200m barrier in America
Peppa spices up Entertainment One
PEPPA Pig starred for Entertainment One as merchandise sales of the children’s favourite broke the $200million (£160million) barrier in America last year.
The film distribution and TV production company has licensing deals with leading US retailers such as Target, which have been rolling out Peppa products.
It is now the top toy for pre-school US girls. EOne, a former £1billion target for ITV, said box office revenues continued to improve, driven by a release slate including La La Land and The Girl on The Train.
Shares rose 13¼p to 244½p.