28th Oct 2015 08:37
LONDON (Alliance News) - OpSec Security Group PLC agreed a takeover deal on Wednesday by the Orca Bidco Ltd investment vehicle which values the company at around GBP66.7 million.
OpSec, which provides anti-counterfeiting products and services, has been in talks with Orca since the end of September, when Orca raised its stake in the company to 82% after buying shares from Herald Investment Management Ltd.
Orca, a vehicle owned by funds managed and advised by Investcorp Technology Partners III, will pay 55.00 pence per share for OpSec, a 69% premium on the closing price of OpSec shares on September 29, the day before talks between the two started. OpSec shares were untraded on Wednesday morning, having last traded at 50.70 pence.
"The transaction gives OpSec's shareholders the opportunity to achieve a cash exit at a substantial premium to the recent market price. Once completed, OpSec will have access to significantly greater and more appropriately structured finance, increasing its ability to invest further in the OpSec group's business," said OpSec Chief Executive Richard Cremona.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
OSG.L