21st Jun 2021 09:35
(Alliance News) -Â Lone Star Global Acquisitions Ltd said it has made a fifth and final takeover bid for engineering firm Senior PLC, worth 200 pence per share.
With 419.4 million shares in issue, the offer values Senior at GBP838.8 million. Shares in Senior were up 18% at 179.07p in London on Monday.
This fifth bid presents a 69% premium to Senior's closing price on May 27 of 118.3p, the last closing price prior to the start of the offer period, and is 8.1% above the fourth proposal of 185p which was put to the Senior board last Monday.
Senior rejected the 185p bid on Tuesday, private equity firm Lone Star noted.
Lone Star said: "The financial terms of the fifth proposal are final and will not be increased, except that Lone Star reserves the right to increase the amount of the offer price if there is an announcement on or after the date of this announcement of an offer or a possible offer for Senior by a third party offeror or potential offeror."
Lone Star has until Friday to either make a firm offer for Senior or walk away, under takeover rules. There can be no certainty any offer will be made, it stressed.
At the end of May, Senior said it rejected Lone Star's third offer of 176p, believing it "fundamentally undervalued Senior and its future prospects".
By Lucy Heming;Â [email protected]
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