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
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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.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Nov 17, 2014|
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