Daisy’s CEO has teamed up with asset manager Toscafund and private equity firm Penta to make a preliminary takeover approach for the British B2B telco.
They outlined a cash offer of 190p (US$3.18) per share on 27 July, Daisy revealed today, which is…
Daisy’s CEO has teamed up with asset manager Toscafund and private equity firm Penta to make a preliminary takeover approach for the British B2B telco.
They outlined a cash offer of 190p (US$3.18) per share on 27 July, Daisy revealed today, which is a premium of about 8.57% on yesterday’s 175p (US$2.93) closing price.
Under UK takeover rules, firm offer intentions must now be made by 10 September.
Matthew Riley, who has led the AIM-listed telco since founding it in 1991, already has a stake of roughly 23%, while Toscafund holds about 28.5%.
Penta sold its UK B2B telco SpiriTel to Daisy back in 2010 for £27m (US$45m). SpiriTel, like Daisy, was a growth vehicle that rapidly gained scale by consolidating the country’s fragmented reseller marketplace.
It was reported earlier this year that Daisy had attracted the interest of John Malone’s cable giant Liberty Global, which held talks over a takeover deal worth at least £500m (US$841m).
But the negotiations reportedly fell apart because Daisy wanted £100m (US$168m) more.
Liberum is Daisy’s nominated adviser, and is also advising on the UK takeover code. Oakley Capital is its financial adviser.
Toscafund listed JP Morgan for enquiries.
