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Private equity group Triton sweetens offer for Clinigen in last ditch effort to win over sceptical shareholders










A Private equity group has sweetened its bid for Clinigen in a final attempt to win over sceptical shareholders, including activist Elliott Management.

London-based Triton is now offering 925p in cash for each of the drugmaker’s shares, valuing it at around £1.3billion.

The offer is 4.8 per cent higher than a previous bid of 883p per share, or £1.2billion, made by Triton in early December, which investors were due to vote on today.

New offer: London-based private equity fund Triton is now offering 925p in cash for each Clinigen share, valuing the drugmaker at around £1.3bn

New offer: London-based private equity fund Triton is now offering 925p in cash for each Clinigen share, valuing the drugmaker at around £1.3bn

However, shareholders will now be given time to appraise the higher bid before voting on it at a meeting on February 8.

The proposal is a 48 per cent premium to Clinigen’s closing price of 625p on December 1, the last trading day before the offer period began. 

Like the previous offer, it has been backed unanimously by Clinigen’s board of directors. 

Investor advisory firms Institutional Shareholder Services (ISS) and Glass Lewis had also supported the lower bid.

Triton’s offer will need to win the backing of at least 75 per cent of voting shareholders at next month’s meeting.

However, it remains to be seen whether the extra cash will be enough to secure the support of Elliott.

The notorious US hedge fund – which over recent months has launched campaigns at several major UK firms including pharma giant GlaxoSmithKline, housebuilder Taylor Wimpey and energy group SSE – is Clinigen’s largest shareholder with a 10.5 per cent stake.

It has previously pushed for Triton to raise its offer on the grounds that the £1.2billion deal undervalued the group.

Elliott declined to comment on the increased bid.

The activist investor revealed that it had bought a 5.2 per cent stake in Clinigen back in September, sparking speculation that it could bid for the group itself.

Since then it has increased its holding to the current level of 10.5 per cent.

Triton’s latest offer would value Elliott’s stake at around £129.5million. However, the company’s shares fell 0.8 per cent, or 7p, to 898p yesterday, suggesting many investors do not think the new offer is enough to persuade Elliott and other key shareholders to back the deal.

The takeover vote follows a difficult period for Clinigen, which posted a shock profit warning last June and has also changed both its chairman and finance director.

The firm’s woes have been blamed on the pandemic, which has reduced demand for its Proleukin cancer drug and delayed clinical trials.

Opponents of the deal are thought to be concerned that the acquisition will be rushed through before the company bounces back from the effects of Covid-19.

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Private equity firm TPG sees shares soar on first day of trading with its value topping £7.5bn










Private equity firm TPG saw its shares soar in its first day of trading as its value topped £7.5billion.

The US investment business, which went public yesterday, rocketed by 15 per cent as its shares began trading on the stock market in New York

The stock was initially priced at $29.50 but hit $33.97 in early afternoon.

US investment business TPG , which went public yesterday, rocketed by 15 per cent as its shares began trading on the stock market in New York

US investment business TPG , which went public yesterday, rocketed by 15 per cent as its shares began trading on the stock market in New York

The stellar initial public offering (IPO) cemented the fortunes of TPG’s billionaire founders David Bonderman and Jim Coulter. 

Coulter owns almost 3.5m of the Class A shares being offered in the IPO, now worth £86.5million, while Bonderman owns 780,000 worth £19million. 

They also own almost all of the Class B shares, worth around £5.7billion.

Founded in 1992, Texas-based TPG owns more than 280 firms across more than 30 countries. 

Traditionally, only major institutional investors and ultra-wealthy families have been able to put their money in private equity. 

But several firms have gone public in recent years, giving regular shareholders the chance to gain exposure.

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Real life rebel pilot! Incredible moment a PRIVATE JET roars through a narrow pass in California’s ‘Star Wars Canyon’

  • Aviation photographer Christopher McGreevy captured the breathtaking flight of a Dassault Falcon 8X private jet through the narrow canyon 
  • It is unclear who was flying the jet through the canyon, which is made from walls of red, grey and pink rock which look similar to the fictional Star Wars planet Tatooine 
  • Jet was being shadowed by another aircraft, thought to be a CineJet, which are used to film Hollywood flight scenes

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Incredible footage has emerged of a private jet roaring through a narrow pass in California’s so-called Star Wars Canyon. 

Aviation photographer Christopher McGreevy captured the breathtaking flight of a Dassault Falcon 8X private jet thundering through the canyon that crosses Riverside and San Diego County in Death Valley National Park.

It is unclear who was flying the jet through the valley, which is made from walls of red, grey and pink rock which look similar to the fictional Star Wars planet Tatooine – Luke Skywalker’s home planet.

In the first Star Wars film, A New Hope, Luke Skywalker is in an X-wing fighter and has to destroy the Death Star by flying through an incredibly narrow passage and uses ‘the force’ to navigate his aircraft. 

The daring flight earlier this week is believed to have been part of a promotional video for the aircraft but this has yet to be confirmed by Dassault.

Military aircraft were banned from flying through the canyon lower than 1,500 ft after an F/A-18 Super Hornet slammed into the canyon wall in 2019, killing its pilot Charles Walker, 33 and injuring seven onlookers. 

In the past, jets have been known to zip through the gorge at 200 to 300mph, flying as low as 200 ft from the canyon floor. But the canyon’s walls are so steep, the aircraft are still able to fly below the rim. 

Aviation photographer Christopher McGreevy captured the breathtaking flight of a Dassault Falcon 8X private jet through the small valley that crosses Riverside and San Diego County

It is unclear who was flying the jet and why it was being flown through the valley, which is made from walls of red, grey and pink rock which look similar to the fictional Star Wars planet Tatooine - Luke Skywalker's home planet

Aviation photographer Christopher McGreevy captured the breathtaking flight of a Dassault Falcon 8X private jet through the small valley that crosses Riverside and San Diego County

An onlooker takes pictures and films the flight of the Dassault Falcon 8X as it makes its journey through the canyon

An onlooker takes pictures and films the flight of the Dassault Falcon 8X as it makes its journey through the canyon 

Onlookers take pictures and film footage of the private jet flying through the large canyon in Death Valley National Park

Onlookers take pictures and film footage of the private jet flying through the large canyon in Death Valley National Park

Military aircraft were banned from flying through the canyon lower than 1,500 feet since 2019 when an F/A-18 Super Hornet slammed into the canyon wall, killing its pilot Charles Walker, 33 and injuring seven onlookers

Military aircraft were banned from flying through the canyon lower than 1,500 feet since 2019 when an F/A-18 Super Hornet slammed into the canyon wall, killing its pilot Charles Walker, 33 and injuring seven onlookers

Mr McGreevy said he believed the private jet was being flown to film a promotional video for the aircraft

Mr McGreevy said he believed the private jet was being flown to film a promotional video for the aircraft

But it is common to see military planes completing training exercises just above the Death Valley canyon. 

And it appears that civilian flights are still permitted. 

Mr McGreevy said he believed the private jet was being flown to film a promotional video for the aircraft.  

The jet was being shadowed by another aircraft, thought to be a CineJet, which are used to film Hollywood flight scenes. 

The Dassault Falcon 8X, which costs around $60million, is 80 feet long and can hold up to 19 passengers. It can reach a top cruising speed of 500mph. There are just 71 models in the world

The Dassault Falcon 8X, which costs around $60million, is 80 feet long and can hold up to 19 passengers. It can reach a top cruising speed of 500mph. There are just 71 models in the world 

The canyon is officially called Rainbow Canyon and is in Death Valley National Park, about 160 miles north of Los Angeles

The canyon is officially called Rainbow Canyon and is in Death Valley National Park, about 160 miles north of Los Angeles

The canyon is officially called Rainbow Canyon and is in Death Valley National Park, about 160 miles north of Los Angeles. 

Mr McGreevy told The Drive: ‘It was easily 20 passes in two sessions, in the AM and PM. I was told it’s going to be a promo video for the new jet. 

‘They flew the crew’s families out on it and they were on top of the hill watching. The kids and wives of the pilots were there. The jet flew into Inyokern Airport near China Lake from New Jersey.’ 

The Dassault Falcon 8X, which costs around $60million, is 80 feet long and can hold up to 19 passengers. It can reach a top cruising speed of 500mph. There are just 71 models in the world. 

Fighter jets zipping through narrow Star Wars Canyon in 2017. The U.S. military uses an area of California's Death Valley National Park nicknamed Star Wars Canyon as a training site for fighter jet pilots

Fighter jets zipping through narrow Star Wars Canyon in 2017. The U.S. military uses an area of California’s Death Valley National Park nicknamed Star Wars Canyon as a training site for fighter jet pilots

Lt. Cmdr. Ian "Elf" Kibler of the VX-9 Vampire squadron from Naval Air Weapons Station, China Lake, banks his F/A-18E Super Hornet through the nicknamed Star Wars Canyon in Death Valley National Park in 2017

Lt. Cmdr. Ian “Elf” Kibler of the VX-9 Vampire squadron from Naval Air Weapons Station, China Lake, banks his F/A-18E Super Hornet through the nicknamed Star Wars Canyon in Death Valley National Park in 2017 

A fighter jet roars through the Death Valley canyon during a training exercise in 2017

A fighter jet roars through the Death Valley canyon during a training exercise in 2017 

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