Daily News

View All News

UK — FDM Group offer agreed

27 November 2009

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 environment…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.

 

Comments

Add New Comment

Post comment

NOTE: Links will not be clickable.
Security text:*