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Mears Group offers £27 million for Supporta plc

Mears Group offers £27 million for Supporta plc

AIM listed home care operator, Supporta plc (AIM: SOR) recommended an offer for the company from diversified support service company, the Mears Group (LSE: MER). The share-based offer values the company at £27.2 million, with investors receiving 0.115 shares in Mears for one Supporta share, implying a 31p per share value based on Thursday’s closing prices.

"The Mears offer is attractive in both its price and currency”, Supporta Chairman, Dr Clive Grace said, “The offer price is at a significant premium and Mears shares have significantly greater liquidity than Supporta shares and enable our shareholders to benefit from any upside”

Supporta currently offers its clients a variety of specialised home-based care services including domestic and housing support services, providing an alternative to nursing and residential care for the elderly and people with a range of disabilities. According to Mears, the deal will be transformational for the company’s growing care division, with the combined business delivering care and repair services in line with Government commitments.

To date, Mears has received irrevocable undertakings in support of the offer in respect approximately 29.5 million Supporta Shares, representing approximately 34% of the existing issued share capital. Upon completion, Mears would issue up to 10 million New Mears Shares giving Supporta investors almost 12% of the enlarged Issued Share Capital.

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