UK-based communications provider Daisy Group plc has agreed a £494 million takeover bid by a consortium that consists of Toscafund Asset Management, Penta Capital and current CEO Matthew Riley. Toscafund and Mr Riley already had substantial shareholdings in the company, accounting for over half of all shares.
Daisy Group has acquired more than 20 companies since being listed on the stock exchange in 2009.
In a statement, Matthew Riley said “The Company has enjoyed loyal support from its shareholders over the five years it has been quoted on AIM. The Offer provides Daisy Shareholders with a cash premium today and represents a positive development for our 59,000 customers and continuity for our 1,500 employees; it also positions the Company for its next phase of growth in the UK telecoms and IT sector, with the backing and strategic and financial guidance of Toscafund and Penta.”
[LSE Cash Offer document;