21st Nov 2016 08:22
LONDON (Alliance News) - Telecoms service provider Alternative Networks PLC said Monday it is recommending a takeover offer made by privately held rival Daisy Intermediate Holdings Ltd.
Daisy's cash offer is priced at 335.00 pence a share, said Alternative Networks, valuing the company at approximately GBP165.3 million. The price is a 17% premium to Alternative Networks' share price of 285p last Friday, and a 20% premium to its average price of 280p over the preceding six months.
Shares in Alternative Networks were up 17% at 334.00p Monday morning.
Daisy currently has irrevocable undertakings or letters of intent to vote for the takeover in respect to approximately 29.4 million Alternative Network shares, around 57% of the company's total share capital.
"Today, Alternative Networks faces rising demand from customers to procure, manage and support the complete chain of enterprise IT and communication solutions. The combination with Daisy will ensure that the company is best placed to capitalise on future growth opportunities and remain the provider of choice for our customers," said James Murray, chairman of Alternative Networks.
"In particular, the strong complementary and strategic fit between Daisy and Alternative Networks will ensure our competitiveness and benefit our customers through access to a broader range of unified communications solutions," added Murray.
By Adam Clark; [email protected]
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