5th Nov 2018 15:24
LONDON (Alliance News) - Promethean Investments LLP said Monday that its takeover offer for Produce Investments PLC was declared unconditional in all respects.
At the deadline for the offer, Promethean received valid acceptances for 26.2 million shares or 95% of Produce shares. The offer will not be extended and will officially close on November 16.
Promethean will buy Produce through its vehicle April 1983 Bidco Ltd, a newly-formed Jersey entity owned and controlled by funds managed by Promethean Investments.
The offer of 193 pence per share in cash values Produce as a whole at GBP53.0 million.
The Promethean offer includes a partial share and loan note alternative under which Produce shareholders will be able to elect to receive 98.43p in cash and one unit. Each unit comprises one April 1983 share and one April loan note.
In a separate statement on Monday, Produce said it applied to the London Stock Exchange for the cancellation of admission to trading on AIM of its shares.
Produce said it hopes for its shares to be cancelled "as soon as possible" with the earliest date being December 4.
Produce Investments shares were flat at 191.50p each on Monday.