27th Feb 2015 09:18
LONDON (Alliance News) - Bank of America Merrill Lynch Friday said the majority owners of Saga PLC successfully sold a 6% stake in the business in a secondary placing, meaning they sold a further 10% stake in total, leaving them with a 62% stake.
The bank had announced early Thursday that Acromas Bid Co Ltd, which is made up of a consortium of staff and private equity firms Charterhouse, Permira and CVC, had agreed to sell a 4% stake in Saga by selling 45.0 million Saga shares for 185 pence a share after an enquiry from an institutional investor.
BofA Merrill Lynch later Thursday said Acromas had got further enquiries from a number of institutional investors and had agreed to sell a further 6% stake in Saga by selling 66.0 million more shares at a minimum price of 185 pence a share. These shares were offered to institutional investors through an accelerated book build.
On Friday, the bank, which acted as sole bookrunner for the placing, said Acromas Bid Co had successfully sold the 66.0 million shares in the secondary placing at 185 pence, raising gross proceeds of GBP122 million.
The sale of the combined 10% stake leaves Saga's owners with a 62% stake. They had listed the business in May last year in what was the second-largest initial public offering in London in 2014. The IPO price was also 185 pence.
Saga shares were down 2.3% at 185.31 pence Friday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Saga