Sky TV's value jumps $50m 📈

Author

Jay Geris
October 14, 2023

Good Morning,

Sky TV's value jumps NZD$50m after company announces possible takeover offer, Israel orders evacuation of civilians from northern Gaza, Oil prices rise over 4% after U.S. tightens sanctions on Russian crude sales, Rental prices jump 7.2% to second-highest rate on record, and MediaWorks reports NZD$9.7m loss, NZD$110m drop in value.

Let's jump in.

Before The Bell

Markets

  • Markets were mostly down over the past day. The NZX 50 lost -0.4%, to 11,265.72, the ASX 200 decreased -0.5% to 7,051.00, the S&P 500 decreased -0.2% to 4,349.61 and the Nasdaq gained +0.1%

  • Oil prices on Friday rose more than 4% after the U.S. tightened sanctions against Russian crude exports, exacerbating supply concerns in an already tightly balanced energy market (CNBC)

Earnings and Data

  • Sky Television shares have leapt 14% after the NZX lifted a trading halt on the firm that it imposed because of takeover talks (Stuff)

  • Renters are likely feeling the squeeze after rental property prices increased by 7.2% in the past year, the second-highest rate on record (Stuff)

  • MediaWorks has reported a NZD$110 million drop in value after a net loss of almost NZD$10m in the last financial year (Stuff)

News Summary

  • Tributes are pouring in for a New Zealand-born soldier who was killed in action during the Hamas militant attack on Israel (1 News)

  • Israel’s military directed the hundreds of thousands of residents in Gaza City to evacuate “for their own safety and protection,” on Friday ahead of a feared Israeli ground offensive (1 News)

  • A Royal New Zealand Air Force (RNZAF) Poseidon crew has found three Fijian fishers nine days after they were reported missing (1 News)

  • Trade Me is “stuck in 2010” when it comes to cybersecurity and protecting its users from scams, an expert says (Stuff)

  • The US raised its travel advisory for Israel and West Bank to the second highest level, warning citizens to “reconsider” going to the area, citing the threat of terrorist attacks (BBG)

  • Sony Group Corp. has unveiled a slimmer, lighter PlayStation 5 with detachable disc drive, in a bid to juice sales over the holiday season (BBG)

  • One of China’s star fund managers, Wang Yawei, was detained in August, Reuters reported, becoming the latest to be ensnared by a crackdown that’s aimed at rooting out corruption in the nation’s USD$61 trillion financial sector (BBG)

  • Meta said on Friday it was taking steps including removing praise and substantive support for Hamas from its platforms after the European Union reprimanded social media companies for not doing enough to tackle disinformation (RT)

Deal Flow

Investments / M&A

  • A quantum of shareholders asking Sky TV why it had put an extended pause on its share buyback forced the company to admit this morning it had received a non-binding indicative offer from an unnamed third party (NBR)

  • Fintech upstart Stake, which is chaired by ex-Perpetual chief executive Geoff Lloyd, has tabled a non-binding takeover offer to acquire ASX-listed rival Selfwealth at AUD17.5¢ (AFR)

  • Jim Ratcliffe is emerging as the frontrunner to buy into English football giants Manchester United Plc, people with knowledge of the matter said, with the British billionaire’s recently revised offer giving him the edge over a rival proposal from Qatari investors (BBG)

  • Sculptor Capital Management Inc. agreed to an increased bid of USD$676 million from suitor Rithm Capital Corp., the latest salvo in its fight with a consortium led by Boaz Weinstein to acquire the hedge fund firm (BBG)

  • Atlassian Corp. agreed to acquire video-messaging startup Loom for USD$975 million, its largest deal ever, in a bet that more professional collaboration and instruction will be done remotely (BBG)

  • Microsoft Corp. said it completed its USD$69 billion purchase of Activision Blizzard Inc. after a nearly two-year fight with global regulators threatened to scuttle the deal (BBG)

  • Miami-based infrastructure investor I Squared Capital aims to sign a deal to acquire Deutsche Bahn's international transport business Arriva as soon as Monday (RT)

  • German insurer Allianz said on Friday it has entered into definite agreements to sell its 49% stake in CPIC Fund Management Co. to Chinese investment bank Guotai Junan Securities (RT)

  • India's IndiGo co-founder Rakesh Gangwal is in talks to buy a "sizable" stake in troubled domestic airline SpiceJet (RT)

VC & Fundraising

  • Macquarie Asset Management is in talks with investors to raise as much as USD$11.5 billion in total for a trio of funds dedicated to Asia Pacific infrastructure, global renewables and energy transition, according to the people familiar with the matter (BBG)

Equity Raises

  • Omani state energy firm OQ SAOC raised 288.2 million riyals (USD$748.6 million) in the initial public offering of its gas pipelines business after pricing it at the top of the range, making it the country’s biggest listing on record (BBG)

Debt

  • Swedish private equity firm EQT Partners’ dealmakers are redirecting their energies to the debt financing for VetPartners, now that they’ve fended off rival bidders with their winning AUD$1.4 billion bid (AFR)

Daily Pick

  • Owners of older Samsung washing machines are being urged to check their appliances after a model recalled a decade ago caused a house fire in Auckland (Stuff)

The Daily Deck is sponsored by Industrial Equity, LLC

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