Halister News

(Bloomberg) -- Michael Kors and Jimmy Choo have reached agreement on the terms of a recommended cash acquisition by which the entire issued and to be issued ordinary share capital of Jimmy Choo will be acquired by JAG Acquisitions (Michael Kors Bidco), a wholly-owned subsidiary of Michael Kors.

• Each scheme shareholder will receive 230p in cash for each Jimmy Choo share, valuing Jimmy Choo’s existing issued and to be issued ordinary share capital at ~GBP896m
• Offer price of 230p is final and will not be increased, except that Michael Kors Bidco reserves the right to increase the amount of offer price if there is an announcement on or after date of this announcement of an offer or possible offer for Jimmy Choo by a third party offeror or potential offeror
• If, after date of this announcement and before effective date, any div. and/or other distribution and/or other return of capital is declared, made or paid or becomes payable in respect of the Jimmy Choo Shares, Michael Kors Bidco reserves right to reduce the consideration payable under terms of acquisition by an amount up to the amount of such div. and/or distribution and/or other return of capital
• Jimmy Choo directors, who have been so advised by BofA Merrill Lynch and Citi as to the financial terms of the acquisition, intend unanimously to recommend offer to Jimmy Choo shareholders
• Michael Kors has received an irrevocable undertaking to vote in favor of scheme at the court Meeting and the resolutions to be proposed at the general Meeting from JAB Luxury, Jimmy Choo’s majority shareholder, in respect of 263.7m Jimmy Choo Shares representing ~67.66% of the existing ordinary share capital of Jimmy Choo in issue on July 21 2017
• Statement

To contact the reporter on this story: William Canny in London at wcanny3@bloomberg.net

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.

• To get this story sent to your inbox real-time, run NI INRATINGS, click on Display & Edit, then Set Alert Delivery

UPGRADES

• Devi Engineering
  • Long-term bank facilities raised to BB+ from BB at Crisil
  • Cites revenue growth, healthy operating margin
• Orient Bell
  • LT bank facilities raised to A- from BBB+ at Crisil
  • Cites increase in operating profitability
• Patel Infrastructure
  • LT bank facilities raised to A from A- at Care
  • Cites growth in scale of operations

(Bloomberg) -- Fundamentals for many frontier markets are worsening due to slow global growth and low commodity prices, Brown Brothers Harriman strategists including Marc Chandler and Win Thin write in a report.

• Negative outlooks are still hanging over many countries
• Ytd, rating actions have been 18 negative and 11 positive, a 62% share for negatives; ratio was 82% negative in 2016, 65% negative in 2015 and 64% negative in 2014
• In Asia, BBH sees Mongolia facing strong downgrade risks using its own model based on weighted compilation of 15 economic and political indicators such as external debt/GDP, short-term debt/reserves, import cover, current account/GDP, GDP growth and budget balance
• In Africa, Namibia’s Baa3/BBB- ratings may be lowered
• in Latam and Caribbean, there’s some upgrade potential for the Dominican Republic and Jamaica
• In Eastern Europe, Kazakhstan has “significant downgrade risks," while in the Middle East, Kuwait and Bahrain still have downgrade risks

To contact the reporter on this story: Lilian Karunungan in Singapore at lkarunungan@bloomberg.net