3rd May 2016 08:22
LONDON (Alliance News) - Atlantic Alliance Partnership Corp on Tuesday made a firm offer for AIM-listed sports agency TLA Worldwide PLC, coming after the deadline for the deal had been extended twice.
Nasdaq-listed Atlantic Alliance will pay 10 of its shares for every 107 TLA shares under the terms of its offer. The offer implies a 65.00 pence per share value for TLA shares, valuing the total company at GBP98.5 million. TLA shares were flat at 55.5 pence on Tuesday, while Atlantic Alliance shares closed Monday in New York at USD10.30 per share.
The offer is at a 51% premium to TLA's share price on March 23, the day prior to the original offer being made.
TLA said it thinks the offer represents good value for its shareholders and has recommended the bid.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
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