26th Nov 2019 18:25
(Alliance News) - Murgitroyd Group PLC said Tuesday its shareholders approved its GBP62.8 million takeover by 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 the day the deal was announced in mid-October.
Glasgow-based law firm Murgitroyd closed 0.4% lower in London on Tuesday at 665.11p each.
The acquisition was 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. Murgitroyd noted 93% of shareholders approved the bid.
By Paul McGowan; [email protected]
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