Cineworld’s  uncertain reopening and its proposed takeover of Cineplex stand in the way of a necessary capital hike, buysiders and sources familiar with the situation said.   The UK-based cinema operator’s revenues have dried up due to COVID-19, with S&P on 30 April downgrading its debt rating to CCC+, as it estimated a monthly USD 50m cash

Pennon Group has few acquisition options in which to deploy substantial cash reserves garnered from the sale of its waste subsidiary Viridor, two sources familiar with the company, a sector lawyer and a sector investor said.   On 18 March, despite intense market disruption due to the beginning of UK-wide lockdown measures, Pennon sold the waste

Micro Focus, the British enterprise software group, could tap investors for fresh equity to address its high leverage and the potential impact of coronavirus on its balance sheet, according to several sources familiar with the matter.   The FTSE 250 constituent could look to place some 20% of its issued share capital by way of an accelerated bookbuild

eBay’s classifieds division is still attracting interest from parties including Adevinta , the Norwegian digital classified business spun off from Schibsted, and German classifieds and media group, Axel Springer, despite coronavirus-related market turbulence, according to four sources familiar with the matter.    The deadline for the next round

Proxy advisers Institutional Shareholder Services (ISS) and Glass Lewis are both recommending shareholders to vote in favor of the HKD 1.25 per share take-private offer for Li & Fung [HKG:0494]. But the stance of Silchester International Investors, a 10.9% shareholder in Li & Fung with a blocking stake, is the key to the deal completion.    When

  WEX's [NYSE: WEX] board of directors met this week to examine various options for its pending USD 1.7bn acquisition of two connected travel payments businesses from Travelport, said two sources familiar with the matter.     The strategic rationale behind the acquisition of the eNett and Optal businesses, announced prior to the coronavirus

Hiscox could explore a non-preemptive equity raise to brave potential business turbulence related to COVID-19, according to three sector bankers.   The specialist non-life insurer could raise a couple of hundred million, for example, by placing some 10% of its issued share capital, the first banker suggested. Hiscox has a market cap of just over GBP

If it goes through, the USD 4.6bn take-private and likely future A-share relisting of China Biologic Products [NASDAQ:CBPO] could send the shares of PW Medtech (PWM) [HKG:1358] soaring.   As far back as June 2017, the Asia Flash wrote about how investors could piggy-back listed buyer groups that are seeking to take advantage of exchange arbitrage

Showa Denko [TYO:4004], the Tokyo-based chemical manufacturer, is preparing a slew of non-core business divestitures upon the successful completion of its JPY 964bn (USD 8.7bn) acquisition of Hitachi Chemical [TYO:4217], sources familiar with the situation said. The divestitures are expected to come from both companies, they noted.   There

Flights have been grounded, malls, museums and restaurants closed since February in many parts of the world as the coronavirus (COVID-19) outbreak rampages, leaving many airlines gasping for air.   In Asia, the number of flights have decreased by over 75% compared to the level at the beginning of the year, according to data compiled by International