26th Feb 2015 17:15
LONDON (Alliance News) - Bank of America Merrill Lynch Thursday said the majority owner of Saga PLC has agreed to sell a further 10% stake of the company's shares after an enquiry from an institutional investor, a move that will result in an increase in the free float of shares.
Acromas Bid Co Ltd, which is made up of a consortium of staff and private equity firms Charterhouse, Permira and CVC, initially agreed to sell a 4% stake in Saga by selling 45.0 million Saga shares for 185 pence a share, according to BofA Merrill Lynch, which is acting as sole placing agent.
In a separate statement later, Merrill Lynch said Acromas has agreed to sell an additional 6% stake in Saga, meaning Acromas is selling a 10% stake in total.
Following completion of the placings, the free float of Saga will increase and Acromas will own approximately 62% of the company's existing issued ordinary share capital.
Saga shares closed at 185.05 pence on Wednesday.
By Steve McGrath; [email protected]; @stevemcgrath1
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