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UK - Suitor declares Healthcare Locums bid fully unconditional

24 April 2013

Angel Acquisitions Ltd, the jointly-held investment vehicle of Healthcare Locums Plc’s (LON:HLO) majority owners, said it had waived all conditions to its takeover bid for the staffing company, declaring the offer fully unconditional.

Earlier this month, Toscafund Asset Management LLP and Ares Capital Europe Limited (ACE), which together hold a 72.5% stake in Healthcare Locums, agreed to buy out the company for £0.0075 (€0.0088) per share, valuing the entire business at nearly £6.4 million.

Angel has now acquired its parent companies’ combined interest in Healthcare Locums, apart from a 2.9% stake held by funds managed by Toscafund. This particular stake is subject to certain restrictions and will be sold to the firm in exchange for cash pursuant to the offer, which will remain open for acceptances until 6 May.

The parties will seek to delist Healthcare Locums’ shares from the London Stock Exchange (LSE) before it implements an operational and financial restructuring process.

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