CITY WHISPERS: Will the FTSE takeover barks turn into bites?

Takeover fever that has gripped the London market in recent weeks is facing an important test.

Thursday is the deadline to place bids on two FTSE 250 companies: pet drug maker Dechra Pharmaceuticals and payment group Network International.

Dechra has already expressed support for a £4.6bn approach from private equity group EQT, while Network International is being targeted by two suitors, Brookfield and CVC.

Then May 15 is the deadline for Apollo to make a firm move on Matt Molding’s online retailer THG.

The meaning of the snappy “hang up or hang up” deadlines is that bidders must make a solid offer or walk away for six months.

There may be extensions, but these are still important dates.

The next two weeks will show whether private equity is willing to commit to deals with big companies, despite the turmoil in global markets.

Is it all barking or are we going to see some bites?

Short sellers reduce Asos holdings

Asos is gearing up to release its first half results, which it has already warned are likely to show a loss.

But a group of players in the City seem to think the fate of the fast fashion retailer is going up.

All five short-sellers targeting Asos, who would make money if the company’s share price fell, have cut their holdings in recent weeks, indicating they believe the stock could rise.

Not such a fast fashion bargain, is it?

Bristol Climate choir on song

A busy few weeks for the Bristol Climate Choir, which was founded in the autumn and has already given several major concerts at environmental marches and company meetings.

Top moments include the chorus unleashing its melodies at Barclays shareholders with a reworked rendition of the Spice Girls hit Stop to condemn the bank’s role as one of Europe’s largest fossil fuel financiers.

But anyone eager to find out what might be played at their next gig need only head to their website’s song library, which contains tunes they’ve played before “or plan to sing in the future.”

Alas, for now, it appears that there are no more Spice Girls.

But Whispers – always a fan of sing-alongs – is keeping an eye on what’s in the pipeline.

Depop poised for significant Etsy attention

Sales of personalized and handmade gifts helped online marketplace Etsy surpass Wall Street estimates last week.

But British Etsy watchers were probably more interested in how Depop – a British app that allows users to sell second-hand clothes – integrates into the business.

Etsy bought Depop in 2021 for a whopping £1.1 billion, but later wrote down its value by a whopping £712 million.

The company’s bosses insisted “significant progress” has been made, but the hefty marketing spend is being felt across the company.

Etsy admitted that Depop will continue to require “considerable attention and resources” and that it could be more expensive than expected.

Watch this space.