29th Oct 2019 11:50
(Alliance News) - Camelot Capital Partners' takeover of Synnovia PLC is now unconditional, Camelot said on Tuesday, with the firm set to leave the London market on November 26.
Industrial components maker Synnovia agreed a GBP48.8 million takeover from funds managed by Camelot early in September. The offer price was 125 pence per share.
Synnovia shares were untraded Tuesday, last quoted at 123.63 pence each.
Camelot is the investment manager of Barker Partnership LP, which already held a a 30% stake in Synnovia.
Camelot had said at the time it wanted at least 90% acceptances for the deal from shareholders under offer. As of Monday, it had acceptances of 85%.
The offer has now been declared unconditional, and Camelot warned those who have not yet accepted the offer that once the takeover has gone ahead Synnovia will become a private company, making selling shares in future more difficult.
By George Collard; [email protected]
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