2nd Jun 2025 14:20
(Alliance News) - Frenkel Topping Group PLC on Monday said it is in "advanced discussions" over a possible takeover offer from Harwood Private Equity LLP, which values the Manchester-based financial services firm at 50.0 pence per share.
Harwood's potential bid would be made through a newly formed special purpose vehicle and could take the form of a scheme of arrangement, though a contractual offer remains an option. Shareholders would be offered either a full cash consideration of 50.0p per share or a partial cash and securities alternative comprising cash, loan notes, and shares in Bidco.
The cash offer, plus Frenkel's previously announced final dividend of 1.375p for 2024, represents a 19.5% premium to Friday's closing price of 43.0p and nearly 40% above the six-month volume-weighted average share price.
Shares in Frenkel Topping were up 12% at 48.25p on Monday afternoon in London.
Harwood has until June 30 to announce a firm intention to make an offer under the UK Takeover Code. The proposal remains subject to due diligence, though Harwood may waive this condition.
The offer is not yet binding, and there is no certainty that a formal bid will be made. However, funds managed or advised by Harwood already control nearly 30% of Frenkel Topping's shares.
By Eva Castanedo, Alliance News reporter
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