18th Oct 2019 17:51
(Alliance News) - Murgitroyd Group PLC said late Friday it has agreed to a GBP62.8 million takeover offer by Project Petra Bidco, an entity controlled by private investment firm Sovereign Capital Partners LLP.
Under the acquisition's terms, Sovereign Capital will acquire the intellectual property law firm for 675 pence per share, reflecting a 6.2% premium to Murgitroyd's closing share price on Friday at 635.50p.
The acquisition is conditional on gaining at least 75% in shareholder approval at the scheme meeting and court meeting, as well as being sanctioned by the Court of Session in Scotland.
So far, Sovereign Capital has received irrevocable undertakings from shareholders totalling 4.9 million shares, or 54% of Murgitroyd's entire issued share capital, to vote in favour of the scheme.
"Almost 20 years since Murgitroyd shares were admitted to trading on AIM, the board of Murgitroyd is pleased to have reached agreement on an offer which provides an opportunity to engineer an orderly ownership transition for all shareholders in the Murgitroyd group and the certainty of an immediate cash return which fairly reflects the near term prospects for the group," said Chair Ian Murgitroyd.
By Dayo Laniyan; [email protected]
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