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City tycoons plot cash shell float to fund $5bn takeover deal
A group of senior City figures is in talks to raise hundreds of millions of pounds for a new listed vehicle that would be used to target a major corporate takeover.
Sky News has learnt that JRJ Group, which was co-founded by the former Lehman Brothers executives Jeremy Isaacs and Roger Nagioff, is orchestrating talks with investors about the launch of a London-listed acquisition company. TOMS Capital, which was established by former hedge fund manager Noam Gottesman, is also involved in the new venture, which has been codenamed Project Mayflower.
This weekend, City sources said that initial discussions with institutional investors about backing the vehicle had already got underway. One of those approached about it said the talks were expected to be accelerated in the coming weeks amid signs of strong demand.
The group is said to be targeting an initial fundraising of about $500m, with scores of takeover targets in multiple industries likely to be reviewed. They are understood to be particularly focused on bid targets worth between $2bn and $5bn.
Jefferies, the investment bank, is involved in the listing plan. One source said the founders had chosen London because of its investor-friendly structure for so-called cash shells.
The vehicle's launch comes at a time when London's depressed environment for initial public offerings (IPOs) has coincided with pressure on asset-owners such as private equity firms to generate liquidity from their portfolios. This combination of factors had created "a generational opportunity to buy assets at attractive prices.
Amir Nisi
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