Daily NewsView All News
The management buyout of the specialist recruitment firm Morson (MRN:LSE) is coming to a close after it has today been announced that MMGG Acquisition, the company making the offer, has received valid acceptances of an offer from Morson for 76.62% of its existing issued share capital.
In an offer update sent to shareholders this morning, it was announced that MMGG “has reduced the percentage of Morson Shares required to satisfy the Acceptance Condition to 75 per cent plus one Morson Share. Accordingly, in light of the acceptances referred to above, the Acceptance Condition has now been satisfied and the Offer has become unconditional as to acceptances.”
The deal has first been made public in May with MMGG announcing its offer. MMGG is led by Morson’s executive management team of Gerry Mason (Chairman) and his son Ged Mason (Group Chief Executive), as well as Paul Gilmour (Group Finance Director) and Kevin Gorton (Group Managing Director).
Morson is to go private after the firm became publicly listed six years ago and the share price has been suffering in recent years. Shares first started out at 160 pence but then reached a 52-week low of just 36.7 pence in December last year.
The Financial Times last week wrote that some shareholders had been angered by the buyout.
Spark Advisory Partners is providing financial advice to MMGG with WH Ireland advising Morson on the financials.
Morson Group is a UK-based company, operating in human capital resourcing, including acting as an employment business, a recruitment agency and the provision of technical personnel for engineering management and design consultancy. The company has a market capitalisation of £22.22 million.