Services and payments specialist Equiniti has agreed to be bought by private equity firm Siris Capital in a £673m deal.
Equiniti Group
27 May 2021 08:30:20
Source: Sharecast
Under the terms of the deal, Equiniti shareholders will receive 180p per share in cash. This is a 56% premium to the closing share price on 8 February 2021, which was the last day before press speculation began about a potential bid for the company.
Equiniti chairman Philip Yea said: "The EQ board believes that the offer from Siris represents an attractive and certain value in cash today for EQ's shareholders, reflecting the strength of EQ's high quality business and its future prospects in a still uncertain environment.
"I believe that the proposal from Siris can deliver clear benefits to the wider stakeholder group, and provide support for EQ's future development through continuing investment in the people, technology and products so critical to our loyal clients."
At 0830 BST, the shares were up 8.2% at 182.20p.
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