1st Sep 2015 07:04
LONDON (Alliance News) - Insurance software provider The Innovation Group PLC on Tuesday said it has agreed to a takeover offer from private equity house Carlyle Group which values the company at around GBP499.0 million.
Innovation will get 40.00 pence per share in cash under the terms of the deal. The offer is a at a 13.5% premium to Innovation's closing price on Thursday, the last day prior to the talks being disclosed.
Innovation said the deal will provide it with enhanced financial and operational flexibility and will allow it to pursue its ambitions to grow its business services arm, accelerate its growth via acquisitions and scale up its software business.
"The group has achieved much and created significant value since the management team, led by Andy Roberts, took over the leadership of the business in 2009. Carlyle's offer represents a compelling opportunity for Innovation's shareholders to immediately and fully realise the value from their investment, in cash and at a premium," said Innovation Chairman David Thorpe.
Innovation shares were up 1.6% to 39.375 pence on Tuesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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