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Madame Tussauds owner could be valued at up to £3.3bn Madame Tussauds owner could be valued at up to £3.3bn
(about 7 hours later)
Madame Tussauds owner Merlin Entertainments expects to be valued at as much as £3.3bn ($5.3bn) when it makes its London stock market debut next month, the group said on Wednesday.Madame Tussauds owner Merlin Entertainments expects to be valued at as much as £3.3bn ($5.3bn) when it makes its London stock market debut next month, the group said on Wednesday.
Stronger equity markets over the past 12 months have helped support a revival of European new listings after years of drought due to the financial crisis. British insurer Just Retirement and French cable operator Numericable are among those currently taking orders for share sales.Stronger equity markets over the past 12 months have helped support a revival of European new listings after years of drought due to the financial crisis. British insurer Just Retirement and French cable operator Numericable are among those currently taking orders for share sales.
Private-equity backed Merlin, which operates 99 attractions in 22 countries, said 20%-30% of the company would be sold in the listing, in which it is offering shares at between 280p and 330p each.Private-equity backed Merlin, which operates 99 attractions in 22 countries, said 20%-30% of the company would be sold in the listing, in which it is offering shares at between 280p and 330p each.
That would value the world's second-largest visitor attraction operator behind Walt Disney Co at between £2.86bn and £3.34bn.That would value the world's second-largest visitor attraction operator behind Walt Disney Co at between £2.86bn and £3.34bn.
Merlin, whose brands – along with the Madame Tussauds waxworks featuring figures such as Michael Jackson and Lady Gaga – also include the Legoland theme parks and the London Eye, plans to raise £200m from the sale of new shares to reduce debt.Merlin, whose brands – along with the Madame Tussauds waxworks featuring figures such as Michael Jackson and Lady Gaga – also include the Legoland theme parks and the London Eye, plans to raise £200m from the sale of new shares to reduce debt.
Its owners, the Danish investment firm Kirkbi A/S, which controls Lego Group and the private equity firms Blackstone Group and CVC, as well as company directors and employees, will also sell some of their holdings, although Kirkbi intends to remain a significant long-term shareholder.Its owners, the Danish investment firm Kirkbi A/S, which controls Lego Group and the private equity firms Blackstone Group and CVC, as well as company directors and employees, will also sell some of their holdings, although Kirkbi intends to remain a significant long-term shareholder.
The company plans to grow in both the US and China next year, including opening branches of Madame Tussauds in San Francisco and Beijing. It is also developing a Legoland park in Dubai and potential sites in Japan and South Korea. The company plans to grow in both the US and China next year, including opening branches of Madame Tussauds in San Francisco and Beijing. It is also developing a Legoland park in Dubai and potential sites in Japan and South Korea. Its sites attracted more than 54 million visitors in 2012.
"The listing will provide us with the platform for our next stage of development," chief executive Nick Varney said."The listing will provide us with the platform for our next stage of development," chief executive Nick Varney said.
Merlin postponed plans for a listing in 2010 due to jittery markets, with shareholders instead selling a 28% stake to CVC. That sale valued the company, whose sites attracted more than 54 million visitors in 2012, bring in £2.25bn. Merlin postponed plans for a listing in 2010 due to jittery markets, with shareholders instead selling a 28% stake to CVC.
The offering, 10-15% of which is expected to go to private or retail investors, is due to be completed on 12 November. The offering, 10%-15% of which is expected to go to private or retail investors, is due to be completed on 12 November.
Members of the public, who will need to invest at least £1,000 to receive a 30% discount on certain annual passes to Merlin sites in return, have until 8 November to put in their orders. Institutional investors, such as pension funds, will have until 11 November. Members of the public, who will need to invest at least £1,000 to receive a 30% discount on certain annual passes to Merlin sites in return, have until 8 November to put in their orders. Institutional investors, such as pension funds, will have until 11 November.
Goldman Sachs and Barclays are running the sale and are also joint bookrunners, along with Citi and Morgan Stanley.Goldman Sachs and Barclays are running the sale and are also joint bookrunners, along with Citi and Morgan Stanley.
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