2nd Dec 2015 08:05
LONDON (Alliance News) - Acromas Bid Co Ltd on Wednesday sold a 13% stake in over-50s products and services provider Saga PLC to institutional investors, more than had initially been planned and raising GBP290.0 million for the seller.
Acromas sold 145.0 million Saga shares at 200.00 pence per share. Saga shares closed at 212.2p on Tuesday and fell early Wednesday on the news of the sale to 202.4 pence, down 4.6%.
The deal was announced late on Tuesday, but Acromas had initially only intended to sell around 110.0 million shares, or a 10% stake in Saga. Acromas now will hold 32% of Saga following the sale.
BofA Merrill Lynch and JPMorgan Cazenove handled placing.
By Sam Unsted; [email protected]; @SamUAtAlliance
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