Daisy Group takeover declared unconditional

10 Dec 2014

Following the announcement on 20 October 2014 that British telecoms firm Daisy Group had agreed a GBP494 million (USD773 million) takeover deal with a consortium led by its chief executive Matthew Riley, the offer has been declared unconditional in all respects.

Under the terms of the transaction Chain Bidco, a newly incorporated company indirectly owned by the consortium led by Riley, Toscafund Asset Management and Penta Capital, said it would acquire the entire issued and to be issued share capital of Daisy Group it did not already own. Now it has been confirmed that, as at 8 December 2014, Bidco had either acquired or received valid acceptances of the offer in respect to approximately 97.85% of the total issued share capital of Daisy Group. As such, Bidco now intends to exercise its rights pursuant to sections 974 to 991 of the Companies Act to acquire compulsorily those shares in the British communications firm that it still does not hold.

United Kingdom, Daisy Group