Dana battles to stop £1.9bn offer by KNOC

first_img KCS-content Tags: NULL Dana battles to stop £1.9bn offer by KNOC whatsapp Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald Show Comments ▼ whatsapp DANA PETROLEUM is braced for a £1.9bn hostile takeover by Korean National Oil Corps after investors dismissed an ambitious defence document demanding a higher price.Shares in Dana closed almost flat at £18.09, just above the level of state-owned KNOC’s £18 per share offer, indicating shareholders were unmoved by the argument. The board of the Aberdeen-based oil and gas explorer said the company was worth between £21.10 and £24.65 per share based on the valuation of an independent expert. Dana also announced the much-trailed purchase of North Sea assets from Canada’s Suncor for £240m, which it said contributed to the uplift.Chairman Colin Goodall again called on investors to reject the approach from the Far Eastern predator. He said: “For a national oil company to launch a hostile offer without access to detailed technical information means KNOC must be highly confident the Dana assets are worth much more than the offer price.”But City insiders disagreed, noting that KNOC already had letters of indicative support from shareholders accounting for 49 per cent of Dana’s shares. Analysts expected KNOC to begin buying the stock with a view to a hostile takeover.David Hart at Westhouse Securities said: “My gut feeling is they could stick by their £18-per-share offer and do it, but whether they decide to go down the path of least resistance and raise the bid slightly I don’t know. On balance, it’s more likely to go hostile.”Analysts at JPMorgan said £18 per share “represents a good price for this stock”. Citigroup agreed and pointed out the absence of “white knight” bidders to help Dana fight for a raise.JOHN MACGOWANRBS HOARE GOVETTDANA?PETROLEUM?has hired RBS?Hoare Govett, RBC Capital Markets and Morgan Stanley to defend against the Koreans’ siege.Leading the team at RBS Hoare?Govett is John MacGowan. MacGowan has had a busy summer, advising Dana on its £270m purchase of Dutch oil company Petro Canada Netherlands in?June and guiding industrial group BSS?on its purchase by Travis Perkins.He is joined by Stephen Bowler, a veteran broker who has worked on a number of transactions including the £350m fundraising by private equity lender Intermediate Capital Group last year. Also on board for RBS?Hoare Govett is Graham Hertrich.Dana’s other advisers include RBC Capital Markets’ Josh?Critchley, who worked with?Resolution on its recent acquisition of Axa’s UK life and pensions business, and Andrew Foster of Morgan Stanley.On the KNOC side is Bank of America Merrill?Lynch. Andrew Osborne, a Hoare Govett alumnus, is a key player, as are bank chairman Simon Mackenzie-Smith, Philip Noblet and Anya Weaving. For Noblet, a successful deal would cap a good month. He was made co-head of?M&A for Europe and the Middle East this week. Wednesday 8 September 2010 8:08 pmlast_img read more

XLMedia to reduce headcount in strategic overhaul

first_img XLMedia to reduce headcount in strategic overhaul Tags: Online Gambling XLMedia has concluded a strategic review that will see the affiliate marketing business “streamline” a number of roles and functions across the business, resulting in annual cost savings of more than $5m (£4.1m/€4.6m).While the business did not provide any indication on how many roles would be cut – and how many staff let go – as part of this process, it said the restructuring reflected its focus on four short-term investment priorities.This will see XLMedia enhance its operating model to support future growth, as well as using data and programmatic learning to improve customer experience. It will also look to expand its US sports and personal finance businesses by investing in infrastructure and additional resource, supported by M&A, as well as expanding its existing verticals into new markets.These priorities in turn will see the business look to use more automation and outsourcing, and increase its editorial output.This restructuring has already seen Sarah Clark, who joined XLMedia in February as chief transformation officer, appointed chief operational officer. Clark will focus on developing the company’s strategy, evolving the shared services model and driving operational efficiencies.Meanwhile, Xen Lategan will serve as an interim technology consultant, with a remit of supporting the re-platforming of de-ranked websites and overseeing the re-organisation of the technology group.Some 107 XLMedia sites were demoted in Google’s search rankings in January of this year, with the affiliate group saying that the demotion was done manually.“I joined XLMedia with the clear intention to orientate the company towards a balanced portfolio of premium branded sites, in verticals and markets that deliver sustainable revenue growth,” chief executive Stuart Simms said of the restructuring.“To support this transformation, we have been working diligently to augment our leadership team and operating structure, as well as to right-size the resources required for our business to operate most efficiently.”XLMedia said the changes would result in more than $5.0m in annual savings, but added that the savings in 2020 would be largely offset by investments.“Our transformation plan continues to gather momentum, and I am pleased to share our progress with all our major stakeholders, alongside welcoming new talent to the business,” Simms said.The announcement also comes after XLMedia last month reported a 14.8% year-on-year revenue in 2019 to $79.7m, while an $81.4m impairment loss meant the group made an overall net loss for the year. Topics: People Strategy People 11th May 2020 | By contenteditorcenter_img XLMedia has concluded a strategic review that will see the affiliate marketing business “streamline” a number of roles and functions across the business, resulting in annual cost savings of more than $5m. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Address Subscribe to the iGaming newsletterlast_img read more