20th Jan 2023 11:32
(Alliance News) - Seraphine Group PLC on Friday said it reached an agreement with Mayfair Equity Partners LLP, a London-based investor focused on technology and consumer businesses, for Mayfair to acquire the remaining shares of Seraphine that it does not already own.
The offer at 30 pence per share, more than three times Thursday's closing price of 9.76p, values all of the shares of Seraphine, a London-based maternity and nursing wear maker, at GBP15.3 million. The stock jumped to 29.10 pence each in London on Friday morning.
Mayfair already owns 43% of the company. Seraphine Chair Sharon Flood said the transaction would "remove the substantial costs associated with being listed and afford management the time and space to give their full attention to a return to profitable growth."
The takeover is subject to Seraphine shareholders voting to accept the offer.
By Tom Budszus, Alliance News reporter
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