Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Frasers Group
The story of the High Street right now is undoubtedly news that Philip Green’s Arcadia empire is on the cusp of collapse. Mike Ashley’s Frasers Group [LON:FRAS] has this morning announced that is has offered a £50m temporary loan to the company and should no agreement be reached with in turn would likely drive Arcadia into administration, Frasers would be interested in participating in any sales process. Leaving aside what that might mean in terms of the future UK shopping experience, Mr Ashley’s ambitions show no signs of relenting.
Pets at Home
Pets at Home [LON:PETS] has also updated the market this morning with news of a £15m acquisition of The Vet Connection, the UK’s largest independent veterinary telehealth provider. Perhaps the stand out point here is that this is an all-cash purchase funded from existing resources, showing once again that some companies have clearly fared very well through the turbulent year that was 2020.
G4S
The Garda World bid for G4S [LON:GFS] continues, with another note from the suitor extending its initial offer period. The tone remains unchanged that the offer being laid out is more than fair, but critically the note also updates on shareholder support received so far. Garda’s wholly owned subsidiary Fleming already owns 1.55% of G4S, whilst shareholders representing a mere 0.17% of the issued capital have offered their support. The relentless defence put up by G4S may have done the job, but if that’s the case it’s now down to the directors to ensure they deliver.
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