1st Apr 2015 06:49
LONDON (Alliance News) - US private equity firm Carlyle Group Wednesday said it has reached an agreed deal to acquire AIM-listed Nationwide Accident Repair Services PLC for approximately GBP43.2 million, coming on the same day Nationwide said it has completed the acquisition of a bodyshop chain.
Carlyle, which will acquire Nationwide through the Canaveral Bidco Ltd vehicle, said it would pay 100 pence per share for Nationwide, a 45% premium to the volume-weighted average price of Nationwide shares in the three months before March 31. It is a 13% premium to the closing price of Nationwide shares of 88.5 pence on March 31.
Carlyle said Nationwide's independent directors have said they consider the offer to be fair and reasonable and have recommended shareholders accept the bid.
In a separate statement on Wednesday, Nationwide said it has completed the acquisition of Seward Accident Repair Services Ltd, a Hampshire-based bodyshop chain, for GBP3.8 million in cash.
By Sam Unsted; [email protected]; @SamUAtAlliance
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