The management-led consortium that agreed to buy B2B telecoms provider Daisy Group in October has announced its £1.85 (US$2.98) per share offer for the company is now unconditional.
Daisy’s CEO and founder Matthew Riley is leading the buyout…
The management-led consortium that agreed to buy B2B telecoms provider Daisy Group in October has announced its £1.85 (US$2.98) per share offer for the company is now unconditional.
Daisy’s CEO and founder Matthew Riley is leading the buyout syndicate, alongside Toscafund Asset Management and Penta Capital, which will take over the telco at a price valuing the company’s equity at £494m (US$796.7m).
The consortium, known as Bidco, said today it had either acquired or received acceptances for 97.85% of Daisy’s shares.
Bidco is now making plans to de-list Daisy from AIM, the sub-market of the London Stock Exchange for smaller companies, by 20 January 2015.
Bidco has extended its offer to the remaining shareholders until further notice, but intends to compulsorily acquire any untendered shares.
Liberum is providing financial advice to Daisy’s independent directors on the deal, while Oakley Capital Corporate Finance is the company’s financial adviser. The consortium is advised by JP Morgan.
Daisy, which provides hosting, broadband internet and voice services, reported revenues of £352.68m for the year ended 31 March 2014 and an operating loss of £17.86m.
