Reuters logo
UPDATE 1-Daisy Group gets offer approach from top shareholders
August 13, 2014 / 6:53 AM / 3 years ago

UPDATE 1-Daisy Group gets offer approach from top shareholders

(Adds details, Toscafund response)

Aug 13 (Reuters) - Daisy Group Plc, a voice and data services company, said it has received a preliminary takeover approach by a consortium led by asset manager Toscafund and Daisy’s chief executive, its two largest shareholders.

The company, which has a market capitalisation of 466.5 million pounds ($784.5 million), said it received an approach for a possible cash offer of 190 pence per share on July 27 from Toscafund Asset Management LLP on behalf of the consortium.

The consortium also includes Penta Capital LLP.

The asset manager confirmed the approach in a separate statement on Wednesday but said Toscafund, Penta and Daisy’s CEO Matthew Riley were not yet considered “joint offerors” under UK’s Takeover Code but were in talks with the takeover panel.

“There is no certainty that Toscafund, Penta and Matthew Riley will be considered joint offerors,” the fund said.

A 190 pence-per-share offer would represent a 9 percent premium to the stock’s closing price on Tuesday.

Toscafund holds about 28.5 percent in Daisy Group, while CEO Riley owns about 23 percent.

$1 = 0.5944 British Pounds Reporting by Aashika Jain and Karen Rebelo in Bangalore; Editing by Gopakumar Warrier

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below