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Private equity group Inflexion is set to load 13 million Pounds of debt on to FDM Group (FDMG:LSE), the international IT services company after it won backing for a 141 Pence per share takeover offer, the Financial Times reports.
The independent board of FDM yesterday backed a third offer, which values FDM at 33.3 million Pounds, which looks likely to bring an end to a five months takeover saga. The original offer of 120 Pence per share was rejected by the founding Divett family, which controls 45% of the share capital. A second offer of 135 Pence per share was made in August this year.
Gareth Healy of Inflexion admitted using debt finance at a level materially above that which would be normal for a quoted company.
Carl Monaghan, sole independent director of FDM, said "given the historic share price performance, share register structure and trading environmentâ€¦there can be no guarantee that shareholders will be able to sell their shares in the market at a price of 141 Pence or better in the short to medium term.
In early trading FDM's shares were down by -1.44% to 136.50 Pence.