23rd Aug 2016 06:46
LONDON (Alliance News) - Jaguar Holdings Ltd on Tuesday said it has agreed a GBP28.4 million deal to acquire UK-listed catering services and in-flight products provider Journey Group PLC.
Jaguar, a special vehicle formed by private investment house Harwood Capital LLP to make the bid for Journey, will pay 240.00 pence per share to acquire Journey. The price is an 18% premium to Journey's closing price on Monday and a 30% premium to its volume-weighted average price in the year to Monday.
"The offer provides all Journey shareholders with the opportunity of a cash exit at a meaningful premium to the prevailing share price and recognises the company's underlying value, whilst also providing those shareholders, who so elect, with an opportunity to retain an interest in the business going forward," said Stephen Yapp, Journey's executive chairman.
"Whilst the business has fared well in the public markets, Journey will be better placed to deliver the next phase of its strategic objectives and to grow its US in-flight catering business as a private company," Yapp added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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