Bradken (BKN) share surged more than 30% yesterday after the board agreed to a takeover offer by Hitachi Construction Machinery, and shares in Henderson (HGG) also jumped sharply after its done deal with US fund manager, Janus Capital Group.
That was the third bid for Bradken since late 2014 and it seems a bit of fatigue has won the day for the Japanese group seeing the first bid was at $5.10 a share, well above the $3.25 a share cash offer.
The Japanese firm agreed to pay $689 million for Bradken which will keep its head office in Newcastle, New South Wales. The $3.25 cash a share was a 34% premium to Bradken’s close Monday’s of $2.43. The stock was worth $3.20 at the close yesterday.
Henderson shares jumped 11.6% yesterday after the dual-listed fund manager agreed to merge with Janus in an all paper deal.
The deal is worth $US6 billion ($A7.8 billion) and which will create one of the top 50 global asset managers with around $US320 million under management. It will be the 39th largest global group, ranking after Macquarie Asset Management with its $US371 billion of funds under management.
Henderson shares closed at $4.44 yesterday. It will drop its UK listing, retail its ASX presence and make its primary listing in New York, once the merger is completed.
And Seven West Media shares slid 2% to 75 cents after the company sold its share of subscription video-on-demand service Presto to joint-venture partner Foxtel.
Presto, a joint-venture between Seven and Foxtel, was launched in 2014 ahead of the entry of Netflix and Stan, which is 50-50 owned by Nine Entertainment and Fairfax Media. Foxtel will close Presto later this year and its subscribers will have the chance to join a new Foxtel internet based streaming service.
Foxtel 50% owner News Corp saw its shares jump as much as 6.1% on the news and closed up 3.9% at $19.39.
