25th Oct 2019 15:22
(Alliance News) - Investment firm Cedarvale Holdings Ltd said Friday it acquired a 26% stake in building services firm Northern Bear PLC following a 72 pence per share tender offer.
Cedarvale received valid tenders for 4.7 million shares in Northern Share under the tender offer, equivalent to a 25.1% stake in the firm. This takes the stake held by Cedarvale to 4.7 million shares or 25.6%.
In mid-October, Cedarvale - owned by Jeff Baryshnik - offered to buy up to 5.4 million shares in Northern Bear at 72.00 pence each. Shares in Northern Bear were 3.3% higher at 74.90 pence in London on Friday.
Shortly after the offer was launched, the directors of Northern Bear - who together hold a 15% stake in the firm - announced they would not take part in the offer.
By Ahren Lester; [email protected]
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