Printer Friendly

Chain Bidco's offer for Daisy to expire on 8 Dec.

M2 EQUITYBITES-November 17, 2014-Chain Bidco's offer for Daisy to expire on 8 Dec

(C)2014 M2 COMMUNICATIONS http://www.m2.com

17 November 2014 - Chain Bidco Plc said today its GBP1.85 (USD2.89/EUR2.31) per-share offer for UK telecom services provider Daisy Group plc (LON:DAY) would be opened for acceptances until 8 December.

Chain Bidco is newly-established company, formed by a consortium consisting of Toscafund Asset Management LLP, Penta Capital LLP and Daisy's CEO Matthew Riley to make the offer. The consortium and Daisy agreed the terms of the proposal, which values the capital of Daisy at some GBP494m, in October. The bid is conditional on a minimal acceptance level of 90% and carries a premium of 5.7% to the target's closing price on 12 August, the last trading day before it said it was in preliminary discussions with the suitors.

Matthew Riley has said that the transaction would position Daisy for its next phase of growth in the UK telecoms and IT segment with the support of Toscafund and Penta.

((Comments on this story may be sent to info@m2.com))

COPYRIGHT 2014 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2014 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M2 EquityBites (EQB)
Date:Nov 17, 2014
Words:186
Previous Article:Royal Gold's board announce 5% rise in annual dividend.
Next Article:Dutch government denies Starbucks tax deal illegality.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters