12th May 2015 16:20
LONDON (Alliance News) - Bank of America Merrill Lynch Tuesday said Acromas Bid Co Ltd intends to sell a minimum of 77 million shares in Saga PLC in a secondary placing, which means it will be selling another 7% stake in the company.
The price that Acromas will sell its stake has not been revealed, but the bank said the shares would be sold through a placing to institutional investors.
On February 26, the bank said Acromas, which is made up of a consortium of staff and private equity firms Charterhouse, Permira and CVC, initially agreed to sell a 4% stake in Saga by selling 45.0 million Saga shares for 185 pence a share, but then revealed Acromas would sell an additional 6% stake, meaning Acromas sold a 10% stake in Saga in total.
That left Acromas with a 62% stake in Saga.
On Tuesday, the bank said Acromas would sell the additional 7% stake, or 77.0 million shares which will leave Acromas with a 55% stake in Saga.
Saga shares closed down 0.2% to 198.87 pence per share on Tuesday.
By Joshua Warner; [email protected]; @JoshAlliance
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