25th May 2018 12:32
LONDON (Alliance News) - Fenner PLC said on Friday that the High Court of Justice in England and Wales have sanctioned its GBP1.20 billion acquisition by Compagnie Generale des Etablissements Michelin SCA.
Fenner is a manufacturer of industrial belting and other polymer-based products.
The deal is due to become effective next Thursday, and Fenner's shares are expected to be delisted from the London Main Market next Friday.
In March, Fenner agreed to Michelin's offer of 610.00 pence per Fenner share which valued the firm at GBP1.20 billion. This compares to a market capitalisation of around GBP925.4 million based on its closing price the day prior to the deal being announced.
Shares in Fenner were up 0.1% at 609.00 pence on Friday.