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Merlin agrees ?6bn sale to investors led by Lego family

Fri, 28th Jun 2019 07:35

(Sharecast News) - Merlin Entertainments has agreed to be taken private by investors including Lego's founding family and buyout firm Blackstone for almost £6bn in cash.The deal values the owner of Legoland resorts and Madame Tussauds' shares at 455p each - 15.2% more than their closing price on Thursday and a 36.8% premium to the value before one of Merlin's biggest investors called for a sale.The acquisition, recommended by Merlin's independent directors, values the shares at £4.77bn, giving the company an enterprise value near to £5.91bn. It values Merlin at about 12 times the company's £494m earnings for the year to the end of 2018. Merlin shares rose 14% to 450p at 08:35 BST.The deal, one of the biggest European buyouts in recent years, was announced little more than a month after one of Merlin's biggest investors called for the company to find a buyer to take it private. Merlin's board rejected the demand from ValueAct on 23 May. ValueAct, which owns 9.3% of Merlin, has agreed to vote in favour of the deal.Kirkbi and Blackstone said bit, long-term investment was needed to preserve the value of Merlin's operations and keep the company on a path of expansion. Private ownership will allow management to concentrate on strategy, the investors said.Søren Thorup Sørensen, Kirkbi's chief executive, said: "With a shared understanding of the business and its culture, we believe that this group of investors has the unique collective resources necessary to equip Merlin, including the Legoland parks and Legoland discovery centres, for their next phase of growth. We are committed to ensuring Legoland and the other activities in Merlin reach their full potential, which we believe is best pursued under private ownership." Merlin has had a rocky history as a public company since Blackstone and Kirkbi floated it in 2013 after eight years of ownership. The company has issued several profit warnings and was fined and heavily criticised after a rollercoaster accident at its Alton Towers park in 2015 left people with serious injuries.Broker Olivetree Financial said: "This would appear to be a very clean take-private transaction, and it is hard to see what could complicate it. Although there are various anti-trust approvals needed (note China is one), these should be straightforward - and conversely it will be nearly impossible for a third party to interlope against a combination of Kirkbi and ValueAct."

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1 Mar 2018 09:45

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1 Mar 2018 08:58

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1 Dec 2016 09:31

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29 Nov 2016 07:17

TOP NEWS: Merlin Entertainments Expects "Good Profit Growth" In 2016

29 Nov 2016 07:05

Merlin Entertainment remains on track for profit growth

(ShareCast News) - In a brusque pre-close statement, Merlin Entertainment said it expected to report "good profit growth" for the full year in line with expectations, revealing a strong Halloween for its resorts but hinting at more soft trading at some other segments. The theme parks owner said unde

22 Nov 2016 16:20

UK Earnings, Trading Statements Calendar - Next 7 Days

15 Nov 2016 07:04

Tuesday newspaper round-up: Hammond, Carney, Nato, HS2, Glencore

(ShareCast News) - A slowdown in the UK economy will hit tax receipts and leave the chancellor with little wriggle room for giveaways at next week's autumn statement, a new report warns. Publishing new forecasts for GDP growth to slow next year as the Brexit vote bites, the consultancy firm PwC said

4 Nov 2016 11:02

Friday broker round-up

(ShareCast News) - Coca Cola HBC: Barclays keeps at underweight with a target price of 1630p. Smith & Nephew: Jefferies stays at buy, 1395p target. Merlin Entertainments: Berenberg starts coverage with a 440p target. South 32: Barclays reiterates overweight with a 200p target. Ladbrokes: UBS keep

4 Nov 2016 08:32

Berenberg starts Merlin Entertainments at 'hold'

(ShareCast News) - Berenberg initiated coverage of Merlin Entertainments at 'hold' with a 440p price target, saying the stock is "priced to perfection". "We like the company, are impressed with its growth over the last 10 years and believe its strategy will continue to add scale to the business. How

12 Oct 2016 13:54

DIRECTOR DEALINGS: New Merlin Entertainments CFO Buys 4,500 Shares

3 Oct 2016 17:03

Broker tips: Euromoney, Centrica, Merlin Entertainments

(ShareCast News) - Canaccord Genuity on Monday cut its rating on Euromoney Institutional Investor to 'hold' from 'buy' but raised its target price to 1,165p from 1,128p. Euromoney reported a "broadly reassuring" trading update last week confirming that full year earnings will be more or less in line

3 Oct 2016 09:29

HSBC initiates Merlin Entertainments at 'buy'

(ShareCast News) - HSBC initiated Merlin Entertainments at 'buy' and a target price of 530p on Monday, saying the theme park owner remains "high growth, well-diversified and scalable". The bank said following a weak summer it believes there is potential for strong recovery in Merlin's Midway attract

30 Sep 2016 08:27

BROKER RATINGS SUMMARY: Split View On Capita As Two Raise, Three Cut

29 Sep 2016 07:22

Merlin posts summer growth despite struggling Midway

(ShareCast News) - Leisure operator Merlin Entertainments posted a trading update on Thursday, outlining its performance over the key summer period. The FTSE 100 firm saw 10.7% total revenue growth across the group, or 3.7% at constant exchange rates. Of that, Midway Attractions and Legoland Parks

27 Sep 2016 11:19

Merlin Entertainments fined £5m for Alton Towers crash

(ShareCast News) - The owner of Alton towers, Merlin Entertainments is being sentenced for the catastrophic roller-coaster crash in June that injured 16 people, two of which needed leg amputations. The "Smiler" ride collided with an empty car that had stalled further along the loop crushing the legs

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Merlin agrees ?6bn sale to investors led by Lego family

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