16 JULY 2004
Regus Group – Acquisition
On 16th July, 2004 Regus Group plc announced that it had entered into an agreement to acquire the entire issued share capital of HQ for a total consideration of up to US$302.5m (£163.5m), payable in cash.
Slaughter and May, as an integrated team with Davis Polk Wardwell (who are advising on US law), act for Regus Group plc in connection with the acquisition.
Regus Group plc announced at the same time that, in order to provide funding for the acquisition, it was proposing to raise approximately £119 million, net of expenses, by way of a Placing and Open Offer at 62.25p per New Ordinary Share.
Slaughter and May act for Regus in connection with the Placing and Open Offer.
Slaughter and May: Andy Ryde (partner), Sam Bagot (associate), Nick Usher (associate)
Davis Polk & Wardwell: John Knight.
Marks & Spencer – Acquisition of per una brand and business
On 12 July, 2004 Marks & Spencer announced the acquisition, subject to the fulfilment of certain conditions, of the per una brand and business for £125 million together with up to £2 million net assets and interim trading.
Slaughter and May advised Marks & Spencer.
Richard de Carle (partner), Laura Carley (associate)
Marks & Spencer – Joint venture with HSBC
On 12 July, 2004 Marks & Spencer announced a business joint venture with HSBC to manage and grow jointly Marks & Spencer Money. HSBC has agreed to acquire Marks & Spencer Money for £762 million and Marks & Spencer will receive a 50% share of the profits after tax of the business, after deducting certain costs and incentive payments.
Slaughter and May advised Marks & Spencer.
William Underhill (partner), Simon Phillips (partner), Elizabeth Holden (partner); Specialist Advice: Financial Regulation: Ruth Fox (partner), Catriona Owen (associate)
Marks & Spencer – Return of value to shareholders
On 12 July, 2004 Marks & Spencer announced a return of £2.3 billion to shareholders in September by way of a tender offer available to all eligible shareholders. The return will be financed by the sale of Marks & Spencer Money, the repayment of inter-company loans, existing resources and new bank facilities.
Slaughter and May advised Marks & Spencer.
Andy Ryde (partner), Anna Meek (associate); Specialist Advice: Tax: Tony Beare (partner)
Marks & Spencer – Bid by Revival Acquisitions
Slaughter and May advised Marks & Spencer in connection with the proposed offer for M&S by Revival Acquisitions, which was withdrawn on 14 July.
Nigel Boardman (partner), Andy Ryde (partner), Daniel Donnelly (associate)
