UK B2B telco Daisy Group yesterday announced the completion of its takeover of local rival SpiriTel for £27.3m.
Compulsory acquisition notes were sent on 20 December to SpiriTel shareholders who had not accepted the offer, which valued the target at…
UK B2B telco Daisy Group yesterday announced the completion of its takeover of local rival SpiriTel for £27.3m.
Compulsory acquisition notes were sent on 20 December to SpiriTel shareholders who had not accepted the offer, which valued the target at 51.5p per ordinary share. This represented a premium of 13.2% to the closing price of 45.5p per SpiriTel share the day before the acquisition announcement.
After acquiring the remaining 998,894 of SpiriTel’s shares, Daisy now owns 100% of the group’s share capital.
SpiriTel was advised by Hammonds, finnCap and Knight Corporate Finance, while Daisy said it sought advice from its broker Liberum Capital.
Like its buyer, SpiriTel is a growth vehicle, and has completed 12 acquisitions since 2006 to grow its customer base to 4,000 SMEs, larger national and international companies and organisations.
