19th Mar 2015 17:44
LONDON (Alliance News) - Steel Partners Holdings LP Thursday said it has received acceptances for its takeover offer of hologram manufacturer API Group PLC which represents over 50 million shares, or 65.3% of the existing issued share capital of API.
Steel Partners said this is in addition to the 74.9 million API shares it already holds, meaning in aggregate it has received acceptances from 97.6% of the existing issued share capital.
The statement means that Cedar Bidco, the vehicle being used by Steel Partners to make the acquisition, will ask API to apply for its shares to be cancelled from trading on AIM, said the company on Tuesday.
API shares closed down 1.7% to 58.00 pence per share on Thursday.
By Joshua Warner; [email protected]; @JoshAlliance
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