4th Jul 2023 18:27
(Alliance News) - Impellam Group PLC on Tuesday confirmed that it is in talks to be acquired by HeadFirst Global, a HR services platform.
Luton, England-based Impellam said there is no certainty that a firm offer will be made, nor if the terms will be agreed by its own largest shareholder. Impellam is majority-owned by Michael Ashcroft, a British businessman who was formerly deputy chair of the UK Conservative Party.
The staffing firm noted HeadFirst provides HR solutions, managed services and business consultancy.
Impellam is already in an "offer period" under UK Takeover Code rules. Back in April 2022 it said Ashcroft was exploring "opportunities" to sell his more than 60% stake in the company. Ashcroft is also Impellam's non-executive chair.
"This decision to exit is part of my restructuring of assets to focus on my philanthropic and other activities. I wanted to make this move around two years ago but felt that it had to wait until the easing of Covid," Ashcroft said at the time.
Impellam at the time noted that if Ashcroft's stake was to be sold to a single bidder, or multiple acting in concert, it would trigger the requirement of a mandatory offer.
Impellam shares closed flat at 684.99 pence each in London on Tuesday. It has a market capitalisation of GBP307.9 million.
Headfirst has a 'put up or shut up' deadline of August 1.
By Eric Cunha, Alliance News news editor
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