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.”
Bring to the market this leasehold specialist car sales and servicing facility located in Horncastle, Lincolnshire. The trade was established as a limited company in 2005.
LEASEHOLD
The company is an online vehicle purchasing platform, providing a fast, hassle-free car-selling service for the end user. A competitor to the likes of webuyanycar.com and Motorway, the company is a well-established online vehicle purchasing platform...
Bringing to the market this denim and casual wear retailer, boating a user friendly comprehensive online presence.
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