24th Jul 2018 14:16
LONDON (Alliance News) - Social care services provider CareTech Holdings PLC said on Tuesday it has submitted a revised proposal for the acquisition of children's service provider Cambian Group PLC.
Under the revised terms, Cambian shareholders stand to receive 0.267 of a new CareTech Shares and 100 pence in cash for each Cambian share, or as an alternative, shareholder can accept a full cash offer at 190.0 pence per Cambian share.
So far, CareTech has received irrevocable undertaking to support the proposal from holders of 39.5 million shares, reflecting a 21% interest in Cambian.
The offer is conditional on the completion of due diligence by CareTech, final approval by CareTech's board, consent of Cambian's board and shareholders and other customary conditions.
In response to the revised offer, Cambian has advised its shareholders to take no action, and said it would make a further announcement.
Shares in CareTech Holdings were down 2.6% at 370.00 pence, while Cambian Group shares were up 5.4% at 195.00 pence on Tuesday.
Related Shares:
CTH.LCambian Group