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ZPG to be sold for £2.2 billion to international private equity firm

first_imgZPG has announced that it is to be bought by a major US private equity firm that, assuming the deal goes through, will complete this Autumn.The buyer is Bidco Zephyr, a recently set-up London subsidiary of private equity firm Silver Lake Management Company which has made an offer to buy all the portal company’s shares for £2.2 billion.But the deal has the paw prints of DMGT, the owner of the Daily Mail, all over it and the announcement today about the proposed sale was lead by the company, which owns approximately 30% of ZPG’s shares and is its largest shareholder, and has none of the usual comment from ZPG CEO Alex Chesterman.43% premiumDMGT and the other shareholders of Zoopla’s parent company are to be paid £4.90p per share, way more than its current trading price of approximately £3.80, or a premium of 43%.This will almost guarantee the portal’s major shareholders will vote the sale through. The Daily Mail alone is to make £642 million from the deal.ZPG’s board, which includes two representatives from Daily Mail parent company DMGT, has recommended the deal to shareholders.The move, DMGT says, is to reduce the number of companies it invests in and generate more cash as its core news business faces a difficult media market.“The recommended all cash offer for ZPG promises to deliver a very significant return for DMGT,” says its Chief Executive Paul Zwillenberg (pictured).“The sale of our stake, pending shareholder approval at ZPG, fits with our long track record of successfully identifying new opportunities, incubating young businesses and supporting their growth to create value for shareholders.”More: Read how ZPG’s shares have been rising sharply recently.Paul Zwillenberg Silver Lake Management Company Daily Mail DMGT Zephyr Bidco Zoopla ZPG May 11, 2018Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Marketing » ZPG to be sold for £2.2 billion to international private equity firm previous nextMarketingZPG to be sold for £2.2 billion to international private equity firmThe huge deal, which appears to be led by ZPG major shareholder DMGT, owner of the Daily Mail, will see all shares hoovered up by Silver Lake Management Company.Nigel lewis11th May 201803,101 Viewslast_img read more

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Supreme Court: City’s No-Smoking Ordinance Does Not Violate State Constitution

first_imgThe Indiana Supreme Court upheld the city of Indianapolis’ no-smoking ordinance in a ruling Monday, saying it does not violate the Equal Privileges and Immunities Clause of Article I, Section 23 of the Indiana Constitution.In 2012, Indianapolis’ no-smoking ordinance was amended, removing an exemption for bars and taverns, but exempting businesses licensed as satellite gambling facilities. Indianapolis bar Whistle Stop Inn sued, claiming the ordinance violated the Equal Privileges and Immunities Clause because it applied to bars but not to satellite gambling facilities. Hoosier Park stepped in as a defendant and filed a motion for summary judgment, which was granted by the trial court.The Court of Appeals overturned the trial court, saying it did violate the equal privileges clause and severed the satellite facility exemption, giving the rest of the ordinance its intended effect.The Supreme Court said the ordinance meets the two-prong test for determining a statute’s validity set in Collins v. Day, 644 N.E.2d 72, 80 (Ind. 1994.)The first Collins prong is “the disparate treatment accorded by the legislation must be reasonably related to inherent characteristics which distinguish the unequally treated classes.” The exemption says the satellite facility must include a description of the heating and air conditioning units, smoke removal equipment and other devices, and Whistle Stop said this was not an inherent difference. However, the Supreme Court said it was, because without providing this description, the facility could not be licensed as a satellite gambling facility.The Supreme Court also said that an ordinance does not have to identify all distinguishing characteristics of each class and the reason for the distinctions when passing class-creating ordinances.The second prong of the Collins test is preferential treatment must be uniformly applicable and equally available to all persons similarly situated. The restaurants and bars are not similarly situated with gambling facilities, the Supreme Court said. They are separate businesses that provide separate services and have separate licensing requirements.The ordinance also does not violate solely economic rationales, as Whistle Stop claimed, though this shouldn’t matter, Justice Brent Dickson wrote. Ordinances like this focus on the treatment the ordinance accords, not the reasons why. Even so, the reason for the ordinance is to protect the health of the public, not for anything economic.FacebookTwitterCopy LinkEmailSharelast_img read more

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Award reward

first_imgA bakery manager at Asda has been promoted after his team won the In-store Bakery of the Year category at the 2007 Baking Industry Awards (BIA).Chris Spoors from Asda in Boldon, South Tyneside, is now the fresh food team leader responsible for bakery, produce, meat, fish and dairy. These areas represent 35% of the store’s £30m a year turnover.”I was delighted to be chosen for the role and was very proud of my team for winning,” said Spoors, whose new job is based at the nearby Benton store.The BIA was given to two managers, Chris Spoors (pictured) and Ed Turnbull, along with their 45 staff.last_img

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Boss Women Take to the Air for Power Trip

first_imgIt’s #NationalBossDay, and along with Marie Claire magazine and Intel, we’re taking 200 “boss” women on the second annual Power Trip.This exclusive invitation-only 36-hour event begins in the sky where some of America’s most prominent female leaders and entrepreneurs on the east coast will take over a chartered JetBlue aircraft to meet 100 of their counterparts on the west coast for a bi-coastal networking extravaganza.“We wanted to demonstrate that work is happening everywhere and at all hours, therefore we no longer need to remain seated in our office Monday through Friday,” Allison Dew explained following the inaugural Power Trip. “And what better way to show this than participate in a conference 30,000 feet in the sky?”“Concentrated networking” is what Analyst Rob Enderle called it when writing about the first Power Trip. He also pointed out that this is only one part of Dell’s long-term diversity program.Our partner Marie Claire magazine called it a “pop-up summit for badass girl bosses.”During the five hour flight, Dell representatives will equip the women with commercial grade XPS 13 2-in-1’s, designed to give them the power to work everywhere and anywhere. This always-on connectivity is a trend that isn’t going away. Fifty-two percent of employees surveyed believe that those working from home are just as productive or more productive than those in the office, according to Dell’s Evolving Workforce Study.And, while what happens in some cities may stay in those cities, what happens on this trip will be shared for all via social media. As you can see, that’s already begun:“Flying on a 100% lady plane today to SFO (pilots, crew etc). #Powertrip   courtesy of @marieclaire. There’s even a breast pumping station pic.twitter.com/kxolKfAaVy“— Katharine Zaleski (@kzaleski) October 16, 2017ShareYou can follow along on your favorite social media platform via the #PowerTrip hashtag or watch live sessions on Marie Claire’s Facebook Live, beginning 3:00 p.m. Pacific Time.last_img read more

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House Bill 1022 moves forward

first_imgA bill to change state law surrounding the extent to which private university police departments are required to make their records available to the public is headed to the governor’s office, according to the Indiana General Assembly’s website.House Bill 1022, sponsored by State Rep. Patrick Bauer (D-South Bend), would require private colleges and universities to release information about incidents that result in arrests or incarcerations to the public.The House first approved the bill by a unanimous vote in January. After an amendment was added, the bill passed in Senate by a 49-to-1 vote on March 1. Two days later, the House voted 93-0 to affirm the bill.The bill will now go to the desk of Indiana Gov. Mike Pence. If he signs the bill, it will become a law.The amendment changed the bill to give individuals employed by educational institutions as police officers the same statutory immunities granted to a state police officer. It also gives private educational institutions the same statutory immunity granted to the state.Bauer said in a previous interview with The Observer the purpose of the bill is to require university police departments to be more transparent with their public records.Critics of the bill say it does not require enough transparency from private universities because only a small portion of campus incidents result in arrests.If passed, the bill would apply to Notre Dame Security Police (NDSP), the University’s private police force.In January 2015, ESPN filed a lawsuit against the University after NDSP refused to grant an ESPN reporter access to campus police records related to student-athletes. The case, ruled in Notre Dame’s favor by the St. Joseph Superior Court, was appealed by ESPN. Attorneys from both parties presented their oral arguments in the Indiana Court of Appeals and expect a ruling to be issued soon.Bauer, a Notre Dame alumnus, said the bill is not a direct result of the ESPN lawsuit. Rather, he said the bill stems from concerns raised by Indiana citizens, including many Notre Dame graduates.Tags: ESPN lawsuit, HB 1022, Patrick Bauerlast_img read more

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UVM among NASA education research program award recipients

first_imgNASA has awarded approximately $19 million to colleges and universities nationwide to conduct research and technology development in areas of importance to NASA’s mission. The University of Vermont was among six schools to be selected for two proposals. In addition, the awards enable faculty development and higher education student support.The selections are part of NASA’s Experimental Program to Stimulate Competitive Research, known as EPSCoR. The program is designed to assist states in establishing an academic research enterprise directed toward a long-term, self-sustaining and competitive capability that will contribute to its economic viability and development. The program helps develop partnerships between NASA research assets, academic institutions and industry. The selected proposals support all four of NASA’s mission directorates: aeronautics, exploration systems, science and space operations.A total of 27 proposals were selected from organizations in Alabama, Arkansas, Hawaii, Idaho, Iowa, Kansas, Louisiana, Mississippi, Montana, Nebraska, New Mexico, North Dakota, Oklahoma, Puerto Rico, South Carolina, South Dakota, Tennessee, Utah, Vermont and West Virginia.Two proposals were selected from each of the following colleges and universities:New Mexico State UniversitySouth Dakota School of Mines & TechnologyUniversity of Alabama In HuntsvilleUniversity of Nebraska at OmahaUniversity of Puerto RicoUniversity of Vermont & State Agricultural CollegeWichita State University, KansasOne proposal was selected from each of the following organizations:College of Charleston, South CarolinaLouisiana Board of Regents FoundationMontana State UniversityUniversity of Arkansas at Little RockUniversity of Hawaii SystemsUniversity of IdahoUniversity of MississippiUniversity of North DakotaUniversity of Northern IowaUniversity of OklahomaUniversity of UtahVanderbilt UniversityWest Virginia UniversityProposals were chosen through a merit-based, peer-reviewed competition. The maximum award is $750,000 for a 3-year period. A one-to-one match of funds is required for every NASA dollar awarded.This program and the agency’s other education programs support NASA’s commitment to excellence in science, technology, engineering and mathematics, which will play a key role in preparing, inspiring, encouraging and nurturing the nation’s future workforce.For a list of project descriptions, click on “Selected Proposals” and look for “Competitive Experimental Program to Stimulate Competitive Research (EPSCoR)” or solicitation NNH09ZNE002C at:http://nspires.nasaprs.com(link is external)For additional information about NASA’s EPSCoR program, visit:http://www.nasa.gov/education/epscor(link is external)For information about NASA’s Education programs, visit:http://www.nasa.gov(link is external)last_img read more

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Robert Moses State Park Reopens 7 Months After Sandy

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York This road block on Robert Moses Causeway is finally coming down now that the park is reopening.Robert Moses State Park on Fire Island’s western tip is reopening Thursday, a week shy of the seven-month anniversary of Superstorm Sandy, which seriously damaged stretches of the beach.Rose Harvey, commissioner of New York State Office of Parks, Recreation and Historic Preservation, is holding a ribbon-cutting ceremony at the Robert Moses Traffic Circle to officially reopen the park a day before for Memorial Day weekend starts.More than 500,000 cubic yards of sand dredged from Captree Marina was used to replenish Fields 4 and 5 and repair the south side of the traffic circle, which partly collapsed when sand beneath it was washed away.The boardwalks at Robert Moses and Jones Beach State Park were partly rebuilt with Brazilian hardwood certified with a higher durability rating to withstand harsh oceanfront exposure.The Fire Island Lighthouse will also reopen to the public with Robert Moses’ return.The biggest change at Robert Moses this year will be that the nude beach has been shut down, as the Press has previously reported.All New York State Parks will be reopened this weekend.last_img read more

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Jeremy Woolfe: The Brexit ‘Schock’ in Brussels

first_imgAnd now the question – what will happen in the medium and long term? What EU leaders don’t want, Incerti reports, is long, dragged-out negotiations. Article 50 of the 2009 Lisbon Treaty, they say, should be enacted straight away.Incerti, at the Centre for European Policy Studies (CEPS), also notes, wryly, that the referendum impact on the descending value of the pound had, already, during the first morning, resulted in the UK’s losing its status as the world’s fifth-largest economy. That honour now goes to France.Clearly prompted by rage, one reaction to the Leave vote comes from Elmar Brok, a member of the European Parliament. Significantly, he is also president of the Union of European Federalists. The German centre-rightist recommended that EU president Jean-Claude Junker immediately remove Lord Jonathan Hill as the British commissioner for financial services. Brok was by no means alone. In fact Hill, a devoted European, announced the next day that he would stand down. Valdis Dombrovskis, the Latvian commissioner, will take his place.But not so fast, cautions another commentator. I would not agree with Brok on Hill’s position, Zsolt Darvas tells IPE. Remember, whatever happens, the UK will remain a member of the EU for at least another two years. Perhaps, it could be “much longer”, suggests Darvas, a visiting fellow at another think tank, Bruegel.Interestingly, Darvas, a Hungarian, goes a stride further. He would not exclude the possibility of a second referendum in the UK. This could follow a fury-driven general election later this year. He might agree that forecasts of economic calamities, such as tragic job losses, coming true, could force such a move. Roughly on the same track, another bystander notes the young age-bracket of the Remain voters – young, virile and furious. Yet another observer, a mid-level official in the European Commission, wonders how the UK could ever square off the fact that 48% of the British voters, many with long lives ahead, did vote for Remain.Furthermore, Darvas offers that the Leave side, being strongly powered by opposition to immigration, could mean that the UK has to stick to its guns on this issue. This would rule out any Norway/Switzerland style outcome. Leaving what other options? And if London were to lose passporting rights, matters would be further “complicated”. A forecast of large funds having to leave the City could not be that far away.Back to the European Parliament, another MEP, with a less strident line than Brok’s, comes from Green Party member Sven Giegold. This MEP refers to Brexit as “a historic setback for the European Union but not its end”.However, Giegold goes on to note that, if the UK thinks it can have open access to the single market without taking on its common rules, it would be mistaken. There could be no free movement of capital for the City without free movement for citizens, he warns. Forces leading to a tumultuous political scene emerging in the UK do seem to be piling up. Will the pandemonium lead to another election soon? If Labour campaigned to stay in the EU by refusing to trigger Article 50, the effect would be the same as a second referendum. Out of the question? Perhaps not entirely. Jeremy Woolfe considers some of the many scenarios facing the UK and the EU post-BrexitThe fundamental reaction to the referendum result in Brussels appears to be one of shock. It was more or less completely unexpected. Discussion on the subject, at the previous day’s PensionsEurope annual gathering in Brussels, had been universally optimistic the Remain side would prevail.This view was supported by the 52%-48% Remain vs Leave polls, as well as by the performance of financial markets. A mood of optimism, nervous though it might be, prevailed. It lasted until up to around an hour after midnight British time.Then, at the no doubt one of many late-night Brussels gatherings, came the Newcastle result. Then, nail-biting and worry promptly set it. And finally, as told to IPE by think tank researcher Marco Incerti, the morning after dawned with a general feeling of sickening confusion.last_img read more

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4 Foundations Installed, 6 to Go at Tahkoluoto Offshore Wind Farm

first_imgSource: Suomen Hyötytuuli OyJan De Nul’s heavy-lift jack up vessel Vole au vent has installed four of the ten gravity base foundations at the Tahkoluoto wind farm off Pori, Finland.The photo shows Vole au vent jacking up in the vicinity of the Siemens 2.3MW pilot turbine installed at the site in 2010.Jan De Nul is the marine contractor on the 40MW project, responsible for dredging, seabed preparation work, and the installation of foundations as well as the ten Siemens 4MW wind turbines.The turbine installation is scheduled to take place from mid-June to mid-July, and the installation of subsea cables will be carried out from May to July 2017.The project is scheduled to be commissioned during the autumn of 2017.Tahkoluoto is the world’s first offshore wind farm designed for icy conditions.The EUR 120 million wind farm is owned and developed by Suomen Hyötytuuli Oy.last_img read more

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Africa Wrestling C’ships: Purity credits feat on early preparations

first_img Loading… Coach of the Nigeria female wrestling team, Akuh Purity has credited early preparations for the country’s performance at the just concluded 2020 Africa Wrestling Championships held in Algiers, Algeria. “We thank God that we are back home. A lot of countries prepared but we thank God that we won the overall especially in the female category where we had six gold and four silver. I think it is a very wonderful achievement for us to win the title, ninth time in a row. “It wasn’t so difficult because we started preparations early. We started last year and I know a lot of people will prove so hard especially the North Africans. We were able to subdue them because we started our preparations very early. Read Also:2019 African Wrestling Championships: Nigeria retains women’s title “I can assure Nigerians that we are going to qualify especially the female team. We are going to qualify the five remaining girls.This African Championship is an eye opener, we have seen our mistakes and we will go back home and correct it. It’s a continuous process, we have been training and we will not stop training. By next month, we are going to storm Morocco and get all our girls and boys too to qualify for the Olympics,” Purity told Sportinglife.ng. FacebookTwitterWhatsAppEmail分享 Team Nigeria Women dominated the women’s freestyle event winning six gold and four silver to retain the title they won last year in Tunisia. In a chat with Sportinglife.ng, Purity said the focus now is to ensure that five more wrestlers secure qualification for the Olympics at the African/Oceania Wrestling Olympic Qualification Tournament billed to hold in El Jadida, Morocco from March 13–15, 2020. Sportinglife.ng reports that only World number one, Odunayo Adekuoroye (57kg) is the only Nigerian wrestler that has secured her qualification to the Tokyo Games.Advertisement Promoted Content5 Of The World’s Most Unique Theme ParksWhy Do So Many Digital Assistants Have Feminine Names & Voices?You’ve Only Seen Such Colorful Hairdos In A Handful Of Anime6 Extreme Facts About HurricanesWhat’s Up With All The Female Remakes?Who Earns More Than Ronaldo?Top 10 Most Romantic Nations In The WorldPlaying Games For Hours Can Do This To Your BodyEver Thought Of Sleeping Next To Celebs? This Guy Will Show You10 Hyper-Realistic 3D Street Art By Odeith8 Weird Facts About Coffee That Will Surprise YouCouples Who Celebrated Their Union In A Unique, Unforgettable Waylast_img read more