Marsh McLennan reaches deal for Honan Insurance
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 21 August 2023
⏱️ 6 minutes
🧾️ Download transcript
Summary
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning, today is Monday, August 21st, and I'm your host Julie Morgan. |
| 0:12.0 | Martian Micklin and is moving forward with a deal to acquire HONEN insurance. |
| 0:17.0 | Bill Ackman is among a group of investors to make a rival offer for sculptor capital management, |
| 0:23.7 | and Amazon restarts a service that competes with FedEx and UPS. |
| 0:28.9 | Here's what's making headlines today. |
| 0:32.0 | Marsh and McLennan Unit Marsh has agreed to acquire Australia's Hoonin Insurance Group. |
| 0:38.0 | According to a Bloomberg report which cited people familiar with the matter, |
| 0:42.0 | the deal includes an 80% stake held by |
| 0:44.8 | T.A. Associates, HONIN' private equity owner. The deal is valued at a couple of |
| 0:50.0 | million dollars shy of $450 million and is expected to be completed later this year. |
| 0:56.4 | Terms of the deal were not disclosed. |
| 0:59.7 | A group of investors have made a rival offer to buy hedge fund sculptor capital management for $12 a share, |
| 1:06.6 | topping a deal inked last month for $11.15 cents a share. |
| 1:11.4 | According to a Wall Street Journal report on Sunday, |
| 1:14.2 | which cited people familiar with the matter, |
| 1:16.7 | the group which includes Boazew Weinstein, Bill Ackman, |
| 1:20.1 | and Avenue capitals Mark Lassary, |
| 1:22.3 | presented an offer during the sales process and has now increased |
| 1:26.2 | its bid to $12 a share. Financing for their offer is expected to come from their personal funds, not from their firm's cash. |
| 1:34.6 | The revised offer comes after a group of sculptor capital shareholders said Wednesday |
| 1:39.5 | that the company's agreement to be sold to Rhythm Capital for $639 million substantially undervalues the fund. |
... |
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