7th Dec 2020 09:37
(Alliance News) - Mastiff Bidco Ltd, a subsidiary of Lone Star Real Estate Fund VI, said Monday it has increased its cash takeover offer for McCarthy & Stone PLC to approximately GBP647 million in cash.
The new offer at 120p per share now values McCarthy & Stone at approximately GBP647 million, up from the prior offer of 115p that valued the retirement homes developer at GBP630 million.
The latest offer is also a 45% premium to McCarthy & Stone's share price of 83.0p per share on October 22, the last day before the offer period commenced.
Shares in McCarthy & Stone were up 2.6% at 118.80p in London in Monday morning.
Financial terms of the final offer will not be increased except in the event of a rival offer for McCarthy & Stone, in which case Mastiff Bidco has reserved the right to do so.
McCarthy & Stone's directors unanimously recommended that shareholders vote in favour of the deal.
By Anna Farley; [email protected]
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