30th Aug 2023 18:46
(Alliance News) - Gresham House PLC on Wednesday said that its shareholders approved the planned takeover by US-based private equity and debt investor Searchlight Capital Partners LP.
Gresham House in July said it had agreed with Seed Bidco Ltd, a newly incorporated entity formed by funds advised by Searchlight, on a final 1,105 pence per share bid.
Gresham House shares closed 0.4% higher at 1,064.25 pence each in London on Wednesday, two hours before the company announced the results from the court meeting and the general meeting.
The offer values asset manager Gresham at around GBP469.8 million on a fully diluted basis, or GBP440.6 million on an enterprise value basis.
The takeover remains subject to the satisfaction or waiver of the remaining conditions such as the court's sanction of the scheme at the court hearing. Gresham expects the takeover to complete in late 2023 or early 2024.
By Tom Budszus, Alliance News reporter
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