26th Feb 2015 07:49
LONDON (Alliance News) - Bank of America Merrill Lynch Thursday said the majority owner of Saga PLC has agreed to sell a further 4% of the company's shares after an enquiry from an institutional investor, a move that will result in an increase in the free float of shares.
Acromas Bid Co Ltd, which is made up of a consortium of staff and private equity firms Charterhouse, Permira and CVC, has agreed to sell 45.0 million Saga shares for 185 pence a share, leaving it with a stake of about 68% in the business, said BofA Merrill Lynch, which is acting as sole placing agent.
Saga shares closed at 185.05 pence on Wednesday.
By Steve McGrath; [email protected]; @stevemcgrath1
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Saga