Prologis has challenged the forecasts used by SEGRO to reject its £13.5 billion takeover proposal. The US bidder must make a firm offer, withdraw or secure an extension by 5pm on Wednesday as major shareholders divide over SEGRO’s warehouse and data-centre value.
Mitie has agreed to a £3.1 billion takeover by private equity-backed rival OCS. The combination would create a UK-headquartered facilities-management group with approximately £8.5 billion of annual revenue, while raising questions about employment, competition and the continuing loss of companies from the London stock market.
EasyJet has reached an agreement in principle on a proposed £5.5 billion takeover by US investment firm Castlelake, valuing the airline at £6.90 per share. The deal would take one of Britain’s best-known airlines private, but it is not yet complete and still faces shareholder approval, a formal offer deadline and regulatory questions over European airline ownership rules. The proposal highlights both the value of easyJet’s brand, slots and holidays business, and the risk that UK-listed companies are being bought while public market valuations remain subdued.
Comcast’s plan to spin off NBCUniversal and Sky has sparked speculation over whether Netflix could eventually make a move for the media group. NBCUniversal’s studio library, franchises, Peacock, live-event capability and global assets would be attractive, but a full takeover would face major regulatory, strategic and timing obstacles. The bigger story is that media consolidation is entering a new phase, with legacy telecoms and entertainment groups being broken apart as streaming changes the economics of the industry.
Boots’ future has been thrown back into uncertainty after Australia’s Sigma Healthcare, owner of Chemist Warehouse, withdrew from talks over a potential $10bn acquisition. The decision leaves private equity owner Sycamore Partners weighing its options, including a sale to another buyer or a possible London listing, while Boots continues to show stronger trading in beauty, pharmacy services and weight-loss treatments.
