25th Mar 2020 16:59
(Alliance News) - Haynes Publishing Group PLC said Wednesday a court has approved its GBP114.5 million takeover by Netherlands-based software development firm Infopro Digital Group BV.
The deal, first announced in mid-February, required 75% of Haynes shareholders to back the scheme to become effective, with over 99.9% voting for the takeover at Wednesday's meeting.
The takeover is still subject to a court sanction, expected on April 1. The scheme is then expected to become effective on April 3.
Under the terms of the acquisition, the car manual publisher said its shareholders will receive 700 pence per share, a 63% premium to its Wednesday closing price of 431.0p.
Haynes said its directors "unanimously" backed the terms of the deal and have recommended the offer.
Haynes started a formal sale process back in November amid changes at the company and following the death of its founder. In February 2019, John Haynes died after having founded the firm in 1960 and serving as its chair until 2010.
In recent years, Haynes - which publishes car maintenance manuals - has undertaken a strategic shift which has seen it alter its focus towards delivering data and workflow services to the automotive industry and motorists.
Haynes closed 0.4% higher in London on Wednesday at 678.00 pence each.
By Paul McGowan; [email protected]
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