UMG is understood to be staring at a bid worth a 40 per cent to 45 per cent premium to the last close.
United Malt Group’s taking the long-road to a near $2 billion takeover, with patient talks over the course of a year or so to culminate with a formal process and a farewell tour to get investors’ blessings.
It is understood UMG, advising by Macquarie Capital, and Goldman Sachs-advised Malteries Soufflet have been in confidential talks for the past year or longer, thinking about what their combined business would look like.Sources said the talks had culminated in this week’s offer, which had UMG’s shares halted from trading on Monday.
A handful of big UMG shareholders, including Tanarra Capital which speaks for a 10.8 per cent stake, are likely to be very influential in what happens next. Interestingly, it’s the second takeover in less than two weeks in Tanarra’s reasonably small Long Term Value Partners portfolio,. The offers suggest Tanarra’s living up to its promise to put private equity-style thinking into public companies.
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