Sureserve Group PLC has agreed to a £214.1 million takeover by Cap10 4NetZero Bidco Ltd, a new company indirectly owned by funds managed and/or advised by private-equity firm Cap10 Partners LLP, according to a report by ProActive Investors.
Sureserve Group PLC has agreed to a £214.1 million ($266.4 million) takeover by Cap10 4NetZero Bidco Ltd, a new company indirectly owned by funds managed and/or advised by private-equity firm Cap10 Partners LLP, according to a report by ProActive Investors.
Under the terms of the proposed deal, shareholders of the UK compliance and energy services group will receive 125 pence in in cash per share held, which represents a 39% premium to the company’s closing price of 90 pence on Thursday.
The Sureserve board, advised by broker Evercore, has said it intends unanimously to recommend the deal to shareholders.
Major investors representing combined holdings of around 23.4% have given undertakings to back the deal, with director shareholdings and a letter of intent from another investor taking this total to 39.5% of Sureserve’s shares.
