Mon, 10 Sep 2012 | MBO/MBI
The housing tycoon owner of Wolverhampton Wanderers is planning a buyout of Redrow.
Steve Morgan founded the company nearly 40 years ago but now hopes to take it off the stock market in a £560 million deal around a decade since he quit the firm.
The buyout attempts are being made through Mr Morgan’s Bridgemere Securities, which announced that it has made a takeover approach of 152p a share.
This offer already has majority shareholder support and is being backed and co-funded by Toscafund, a hedgefund lead by Martin Hughes.
Analysts have been hedging their bets about whether or not the deal will prove to be a success. Mark Hughes, an analyst with Panmure Gordon, told the Times: “We believe it unlikely that a rival bid at a larger premium than this will materialise and, with the potential concert party owning over 54 per cent of the share capital, it is likely that this bid will go through.”
However, another source told the paper: “This is not a slam-dunk. They are all friends on the board and that is why the non-executives’ consideration of the approach will have t be seen to be rigorous.”
This is a prime opportunity to acquire an established UK ecommerce brand specialising in trampolines and above-ground swimming pools, supported by exclusive distribution agreements and an enviable portfolio of premium UK domains. The business is full...
This well-established facilities management business in London, specialising in cleaning, maintenance, and security services, offers a unique opportunity with multi-year service agreements ensuring predictable recurring income.
This thriving value added meat company, prominently featured in major retailers like Tesco and Sainsbury's, boasts impressive growth with sales projected to more than double by 2026.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.