February 4, 2019 / 10:51 AM / 4 months ago

Deals of the day-Mergers and acquisitions

(Adds Schlumberger, Smart & Final Stores, Tata Steel; updates Papa John’s, Tesla, Gannett, DSV, Ultimate Software)

Feb 4 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2100 GMT on Monday:

** An Indian appeals tribunal has ruled against Tata Steel Ltd’s effort to dismiss rival bids for Bhushan Power and Steel, boosting JSW Steel Ltd’s offer to buy the indebted steel maker.

** Smart & Final Stores Inc, a U.S. food retailer controlled by private equity firm Ares Management Corp, is exploring options that include a sale of the company, according to people familiar with the matter.

** U.S. oilfield services giant Schlumberger has withdrawn its bid for a stake in Russia’s Eurasia Drilling Company (EDC) Russia’s Federal Anti-monopoly Service (FAS) said.

** Ultimate Software Group Inc, a cloud-based human resources applications developer, said it agreed to be bought by an investor group led by private equity firm Hellman & Friedman for about $11 billion.

** Danish logistics company DSV’s $4 billion-plus bid for Panalpina hit a roadblock when the Swiss freight forwarder’s top shareholder rejected the offer, saying Panalpina should stick to its own “consolidator strategy”.

** Pan-European stock market operator Euronext NV said it may sweeten its offer for Oslo Bors VPS as Nasdaq made a rival bid.

** Nasdaq’s bid for Norwegian stock market operator Oslo Bors VPS is better for the country’s capital market as well as for companies listed on the exchange than the rival offer made by Euronext NV, Oslo Bors CEO said.

** British airline Flybe Group Plc, which is being bought by a consortium of Virgin Atlantic, Stobart Group and Cyrus Capital, said on Sunday it had been approached by Stobart’s former CEO Andrew Tinkler about a possible alternative financing proposal.

** Private equity firm KKR & Co Inc is exploring the “full or partial” sale of its Hitachi Kokusai chip equipment unit and has attracted the interest of two Chinese buyers, the Financial Times reported on Sunday, citing people familiar with the situation.

** Panalpina Welttransport Holding’s largest shareholder said that it does not support a $4 billion-plus offer from Denmark’s DSV for the Swiss logistics company.

** Shares of Clover Industries Ltd jumped over 20 percent after it announced a 4.8 billion rand ($359 million) buyout offer from a consortium of companies, including Brimstone Investment Corporation Ltd and the executive management of Clover.

** Drugmaker Indivior Plc said it is selling its rights related to the opioid addiction treatment drug Sai Bo Song tablet in China to privately-held Zhejiang Pukang Biotechnology Co. Ltd, which focuses on vaccines, for up to $122.5 million.

** Palo Alto Networks Inc is in talks to acquire U.S.-Israeli information security firm Demisto Inc, the Calcalist financial daily reported on its website.

** Mobile video advertising company Taptica International Ltd said it agreed to buy U.S.-focused peer RhythmOne Plc for about 135 million pounds ($176.6 million) in stock as it looks to expand in the United States.

** Activist fund CIAM criticised French reinsurer Scor SE regarding its tactics concerning Covea, which Scor is suing after Covea announced it was dropping plans for a takeover of Scor.

** Papa John’s International Inc unveiled an investment of up to $250 million from hedge fund Starboard Value LP on Monday, snubbing a rival offer from founder John Schnatter, who is seeking to regain control of the world’s third largest pizza delivery company.

** Gannett Co Inc rejected newspaper chain MNG Enterprises Inc’s $1.36 billion buyout offer, saying it undervalued the company and was not credible.

** Tesla Inc has agreed to buy energy storage company Maxwell Technologies Inc for $218 million in an all-stock deal that could help the electric car maker produce batteries that hold more energy and last longer at a time when it needs to cut costs and faces growing competition.

** Waste and water company Suez and agricultural group Avril have agreed to partner in the market for organic fertilizers, they said in a statement. (Compiled by Manogna Maddipatla in Bengaluru)

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