Anexo Group Plc Receives Unconditional Recommended Offer
Why we think this is very bad
The RNS announces an unconditional recommended contractual offer for Anexo Group plc, which will result in the delisting of the company's shares from AIM. Delisting events are generally viewed negatively by the market, as they reduce liquidity and public market protections for minority shareholders. While the Independent Anexo Directors believe the terms of the offer are fair and reasonable, the overall impact of the transaction is considered very negative.
Key Points
- Unconditional recommended contractual offer for Anexo Group plc
- Offer values Anexo at approximately £70.79 million, representing a 17.6% premium to the pre-offer closing price
- Offer to be implemented by means of a takeover offer under Part 28 of the Companies Act
- Independent Anexo Directors recommend shareholders accept the offer
- Offer will result in the delisting of Anexo's shares from AIM
Summary
Anexo Group plc has received an unconditional recommended contractual offer from Alabama Bidco Limited, a newly incorporated entity jointly controlled indirectly by funds managed or advised by DBAY Advisors Limited and the company's founders. The offer values Anexo's entire issued and to be issued ordinary share capital at approximately £70.79 million and represents a premium of 17.6% to the closing price prior to the offer period. The Independent Anexo Directors have recommended that shareholders accept the offer, which will result in the delisting of Anexo's shares from AIM.