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By Davit Kirakosyan
Investing.com – Here’s your full pro roundup of some of the biggest M&A headlines you may have missed on InvestingPro this past week, including the M&A talk surrounding Manchester United and WWE. Start your free 7-day trial to receive this news first.
Qatari investors preparing to bid for Manchester United: report
A group of Qatari investors is preparing an initial offer of approximately £5 billion ($6 billion) for Manchester United (NYSE), according to a report in Bloomberg News on Monday. The offer is expected to spark a highly competitive bidding war for the club, which is currently majority owned by the US-based Glazer family. The consortium includes Hamad bin Jassim bin Jaber Al Thani, a former Prime Minister of Qatar and former director of the Qatar Investment Authority.
Raine Group, a New York-based bank, is advising the Glazer family and has set a February 17 deadline to submit offers. Reports last week suggested that the bank anticipates at least five serious bidders for the club. Only British billionaire Jim Ratcliffe has confirmed his intention to acquire Manchester United. It is believed that the Glazer family wishes to retain majority ownership of the club.
Qatar Sports Investments, a separate Qatari entity, already owns French club Paris Saint-Germain. UEFA, the highest governing body for soccer in Europe, does not allow two clubs owned by the same entity to compete in Europe’s top competitions.
Bloomberg reports that no final decision has been made on which Qatari entities will provide capital for Manchester United’s bid.
Shares gained nearly 11% this week.
Vince McMahon Seeks Up To $9 Billion In Sale From World Wrestling Entertainment: Report
Vince McMahon, the majority shareholder of World Wrestling Entertainment (NYSE:) is reportedly seeking up to $9 billion in a potential sale of the wrestling giant, Bloomberg reported on Friday, citing people familiar with the matter.
WWE has already received offers and is currently valued at around $6.5 billion. Endeavor Group, the owner of the Ultimate Fighting Championship (UFC), and investors from the Middle East are among the parties interested in acquiring WWE.
Despite reports last month that Saudi Arabia had agreed to buy the company, these rumors were dismissed by WWE CEO Nick Khan.
McMahon returned to lead the company earlier this year, rejoining as chief executive, to oversee a strategic review after leaving following misconduct allegations.
BP to acquire TravelCenters for $1.3 billion
Shares of TravelCenters of America (NASDAQ:) rose 70% on Thursday after the announcement that BP (NYSE:) will acquire them for $86.00 per share in cash, or approximately $1.3 billion. The deal is part of BP’s strategy to increase its retail network by investing in biofuels and electric vehicle charging.
Following the announcement, B. Riley downgraded TravelCenters of America’s rating from Buy to Neutral with an $86.00 price target (from $75.00). Meanwhile, Benchmark downgraded the company’s rating from Buy to Hold.
Life Storage Rejects Public Storage’s Unsolicited $11B Proposal
Life Storage (NYSE:) announced Thursday that its Board of Directors unanimously concluded that the acquisition proposal submitted by Public Storage (NYSE:) on February 5 to acquire the company for $11 billion significantly understates Life Storage and its prospects. of future growth and value creation.
“The board is always open and regularly evaluates opportunities to enhance shareholder value and will consider any proposal that appropriately values the company and its prospects,” said Mark G. Barberio, Life Storage non-executive chairman of the board.
Following the announcement, Citi downgraded Life Storage to Neutral from Buy with a $126.00 price target. Negotiations with PSA are unclear and a higher offer may be forthcoming, but Citi sees limited upside for now. However, the firm believes that a merger could bring long-term benefits and encourages constructive talks.
