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BRIEF-Stockbroker Panmure Gordon gets 15.5 mln stg takeover offer
March 17, 2017 / 9:48 AM / 4 months ago

BRIEF-Stockbroker Panmure Gordon gets 15.5 mln stg takeover offer

2 Min Read

March 17 (Reuters) - Panmure Gordon & Co Plc:

* Recommended acquisition

* Recommended acquisition of co by Ellsworthy, controlled by a wholly-owned subsidiary of a fund managed by Atlas Merchant Capital LLC

* Co, Bidco board announce they reached agreement regarding terms of acquisition

* Under terms of acquisition, each scheme shareholder will be entitled to receive: 100 pence in cash for each scheme share

* Scheme price values entire issued share capital of Panmure Gordon at approximately 15.5 million stg

* Pursuant to terms, Bidco intends to acquire entire issued,to be issued share capital of panmure gordon, other than excluded shares

* Panmure Gordon scheme price represents a premium of about 68.1 percent to closing price of 59.5 pence per Panmure Gordon share on last practicable date

* Have reached agreement to acquire entire issued and to be issued share capital of Panmure Gordon

* Independent panmure gordon directors, who have been so advised by grant thornton, unanimously consider cash consideration to be fair and reasonable

* Cash price to be financed through equity contributions provided by funds managed by Atlas, or affiliates of Atlas

* Panmure Gordon shares to which acquisition relates do not include panmure gordon shares held by Qinvest

* Bidco is owned and controlled by Qinvest and by a wholly-owned subsidiary of a fund managed by Atlas Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

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