Corona Capital is a daily column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.A new bar has been set for Covid-19 deal clauses. After extending exclusive talks four times, BGH Capital, the fledgling buyout firm founded by former TPG rainmaker Ben Gray, finallyon Thursday to buy Australian cinema and theme-park operator Village Roadshow for an enterprise value of up to A$758 million . The devil is in the words “up to”.
The first is a web of cash and stock offers beginning at A$2.20 a share, which will increase to A$2.45 contingent on the reopening of theme parks, cinemas and Queensland’s borders. If that structure is voted down, a fallback offer gives investors a lower price with the same coronavirus-related caveats, but also gives them the option of reassessing the deal in six months’ time. While convoluted, the setup could become a model for other pandemic-hit buyouts.
It’s not the only booze-related headache for the maker of Moet & Chandon. LVMH’s wines and spirits sales23% on an organic basis to just below 2 billion euros in the first half of 2020, mainly because pandemic lockdowns meant fewer opportunities to crack open the bubbly.
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