13th May 2015 06:44
LONDON (Alliance News) - Saga PLC's majority investor said Wednesday it has sold a larger-than-expected stake in the company, raising a total of GBP239 million.
Acromas Bid Co Ltd said it has sold 122.5 million shares, or around an 11% stake, in the over-50s insurance and travel company for 195 pence per share. On Tuesday, Acromas had said it would sell a minimum of 77 million shares in the company in a secondary placing. Saga shares closed at 198.87 pence on Tuesday.
The sale of the stake brings Acromas' total shareholding in Saga down to 51%.
The share sale was run by Bank of America Merrill Lynch.
By Sam Unsted; [email protected]; @SamUAtAlliance
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