21st Jan 2022 09:56
(Alliance News) - Photo-Me International PLC on Friday noted a mandatory offer made by Tibergest PTE Ltd.
Tibergest, or Bidco, is a company wholly owned by Photo-Me's chief executive officer, French entrepreneur Serge Crasnianski.
Bidco on Friday agreed to buy 29.1 million Photo-Me shares from the Dan David Foundation, taking Bidco and its associates' total holding to 138.0 million shares, or a 37% stake, triggering a mandatory offer under UK takeover rules.
The mandatory offer is worth 75 pence per share, valuing Photo-Me's total issued share capital at GBP284.5 million. The price per share is a discount of 0.8% from Thursday's closing price.
Noting the discount, Photo-Me has told shareholders to take no action while an independent committee considers the offer.
Photo-Me is a Surrey-based operator of instant-service equipment, such as photobooths and self-service laundry.
Photo-Me's share price rose by 1.0% to 76.32p in London on Friday morning.
By Elizabeth Winter; [email protected]
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