1st Dec 2015 16:58
LONDON (Alliance News) - Bank of America Merrill Lynch late Tuesday said Acromas Bid Co Ltd plans to sell around 110.0 million shares that it holds in Saga PLC through a placing to institutional investors.
The 110.0 million shares represents around a 10% stake in Saga, with the shares being offered through an accelerated bookbuild which will be carried out by Merrill Lynch and JP Morgan Securities PLC. The books for the offering have opened with immediate effect, with the price being agreed upon closing.
Acromas has agreed that it will not sell or transfer any of its remaining Saga shares for 60 days should the placing proceed. Acromas is owned by funds managed or advised by Charterhouse Capital Partners, CVC Capital Partners and Permira.
Back in July, Acromas sold 68.8 million Saga shares, which represented around a 6% stake, at 205.0 pence per share to raise a total of GBP141.0 million. Following that transaction, Acromas reduced its stake in Saga to around 45% from the previous 50.7% stake.
Saga shares closed down 0.8% to 211.40 pence per share on Tuesday.
By Joshua Warner; [email protected]; @JoshAlliance
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