By Davit Kirakosyan
Investing.com -- Here is your full Pro Recap of some of the biggest M&A headlines you may have missed on InvestingPro this past week, including M&A chatter around Manchester United and WWE. Start your free 7-day trial to get this news first.
A group of Qatari investors is readying an initial offer of approximately £5 billion ($6 billion) for Manchester United (NYSE:MANU), according to a report in Bloomberg News on Monday. The bid is expected to trigger a highly competitive bidding war for the club, which is currently majority-owned by the U.S.-based Glazer family. The consortium includes Hamad bin Jassim bin Jaber Al Thani, the former Prime Minister of Qatar and ex-head of the Qatar Investment Authority.
Raine Group, a New York-based bank, is advising the Glazer family and has set a deadline of Feb. 17 for bids. Reports from last week suggested that the bank is anticipating at least five serious bidders for the club. Only British billionaire Jim Ratcliffe has confirmed his intention to acquire Manchester United. The Glazer family is believed to be keen to retain its majority ownership of the club.
Qatar Sports Investments, a separate Qatari entity, already owns the French club Paris Saint-Germain. UEFA, the top football governing body in Europe, does not permit two clubs owned by the same entity to compete in Europe’s biggest competitions.
Bloomberg reports that no final decision has been made about which Qatari entities will provide capital for the Manchester United bid.
Shares gained nearly 11% this week.
Vince McMahon, the controlling shareholder of World Wrestling Entertainment (NYSE:WWE), is reportedly seeking as much as $9B in a potential sale of the wrestling giant, Bloomberg reported Friday, citing people familiar with the matter.
The WWE has already received offers and is currently valued at around $6.5B. Endeavor Group, the owner of the Ultimate Fighting Championship (UFC), and investors from the Middle East are among the interested parties in acquiring the WWE.
Despite last month's reports that Saudi Arabia had agreed to buy the company, these rumors were dismissed by WWE CEO Nick Khan.
McMahon returned to run the company earlier this year, reinstating himself as executive chairman, to oversee a strategic review after leaving in the wake of misconduct claims.
TravelCenters of America (NASDAQ:TA) shares jumped 70% on Thursday after the announcement that it will be acquired by BP (NYSE:BP) for $86.00 per share in cash, or approximately $1.3B. 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 from Buy to Neutral with a price target of $86.00 (from $75.00). Meanwhile, Benchmark downgraded the company from Buy to Hold.
Life Storage (NYSE:LSI) announced on Thursday that its Board of Directors unanimously concluded that the acquisition proposal submitted by Public Storage (NYSE:PSA) on Feb 5 to acquire the company for $11B, significantly undervalues Life Storage and its prospects for future growth and value creation.
“The Board is always open to 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, Non-Executive Chairman of the Life Storage Board.
Following the announcement, Citi downgraded Life Storage from Buy to Neutral with a price target of $126.00. Negotiations with PSA are unclear and a higher offer may come, but Citi sees limited upside for now. However, the firm believes a merger could bring long-term benefits and encourages constructive talks.
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