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UK recruiter Healthcare Locums (HLO:LSE) said on Wednesday that it received an indicative joint proposal from its largest shareholders to buy all the outstanding ordinary shares of the company which are not already owned by them.
Toscafund Asset Management and Ares Capital Europe are the firm’s main shareholders. They jointly own about 73% in the health and social care recruiter. The companies offered a cash consideration of at least 0.54 pence per share, Healthcare Locums' closing price on Tuesday.
Last month, the staffing company said it needed more funding after trading remained tough in both the UK and Australia.
Toscafund and ACE want to inject significant capital into the business, following successful completion of an offer. The firms have until 6 March 2013 to announce either a clear intention to make an offer or not.
Healthcare Locums has suffered from weak market conditions. The firm’s share price on Tuesday was down -85% from a year ago, giving it a current market capitalisation of £4.58 million.