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...(FT) News round-up SoftBank-backed Z Holdings seeks mega-deal to shake up online world (FT) Okta/Auth0: identity cheque (Lex) Melrose targets big acquisition as it relaunches Nortek sale process (FT)...
...In 2016, the company bought Nortek, including its security division for $2.8bn....
...(FT) News round-up Buyout group Melrose considers sale of chunk of Nortek (FT) Bombardier in talks to combine rail unit with Alstom (BBG) Carlos Ghosn: I am a victim of double standards and disinformation...
...The turnround investor wrote to shareholders of GKN earlier on Thursday, trumpeting successes including its rejig of Nortek, a US manufacturer of kitchen stove hoods and extractor fans it bought in mid-2016...
...Nortek’s operating margin rose 5.5 percentage points to 14.7 per cent on revenues of £987m....
...“We are delighted with the performance of Nortek which is exceeding expectations,” said Christopher Miller, Melrose chairman....
...It tapped investors for £1.6bn last year to back the Nortek acquisition. A final dividend of 1.9p per share was proposed, compared to 0.5p a year ago....
...Melrose, the industrial turnround business, has moved a step closer to its latest deal for air management and security group Nortek, confirming that its “window shop period” has expired without Nortek receiving...
...When it announced the Nortek deal, Melrose said it would also raised £600m in new debt, as well as the £1.6bn rights issue....
...The latest surge was triggered by an announcement earlier this morning that a “window shop period” in relation to the deal had expired and no rival bidders for Nortek had emerged....
...— the acquisitive industrial group that buys ailing industrial businesses and improves them before selling them at a profit — is well on the way to completing its latest $2.8bn deal for US manufacturer Nortek...
...Nortek, which is listed in Delaware, also manufactures “home automation systems”....
...That figure represents a 38 per cent premium over Nasdaq-listed Nortek’s closing price....
...Nortek is pricey, as you’d expect when the vendors of a 69 per cent stake are tough US distressed debt funds....
...This followed the disposal of Reznor-HVAC, a ventilation business, to US conglomerate Nortek for $260m in March....
...Listed US rivals such as Nortek trade at 0.5 times sales. Cost synergies are negligible. The strong yen may have dazzled another Japanese company into an expensive overseas foray....
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