14th May 2025 11:08
(Alliance News) - Shares in H&T Group PLC soared on Wednesday after it accepted a cash takeover offer from FirstCash Holdings Inc.
The Surrey-based pawnbrokers' chain and jewellery retailer said the cash offer values each H&T at 650 pence, valuing the business at GBP297 million on a fully diluted basis and implying an enterprise value of GBP351 million.
Shareholders will also receive the previously announced final dividend of 11p per share due to be paid on June 27.
In response, shares in H&T leapt 40% to 641.28p each in London on Wednesday for a market value of GBP281.7 million. They had earlier hit a 52-week high of 646p.
FirstCash Holdings operates more than 3,000 pawn stores in 29 US states and in Latin America.
The Fort Worth, Texas-based business also provides lease-to-own and retail finance payment solutions for consumer goods and services.
FirstCash said H&T represents a "compelling opportunity" to expand its operations into the UK.
H&T said it had rejected an approach from FirstCash last December, and turned down three further proposals.
The company said further "extensive discussions and negotiations" resulted in a number of further proposals and a "meaningful" increase in value to the offer.
H&T believes the offer "represents an attractive opportunity for shareholders to realise the full value of their investment in cash and at a level that fairly reflects H&T's prospects".
H&T Chief Executive Chris Gillespie said: "The acquisition has a compelling strategic rationale, bringing together two businesses with complementary offerings focussed on the values and benefits of their customers."
FirstCash has received irrevocable undertakings from H&T directors representing 0.6% of the H&T share capital.
The deal is expected to complete in the second half of 2025.
By Jeremy Cutler, Alliance News reporter
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