Xpediator PLC (AIM:XPD) has reached an agreement on the terms of a cash offer from Bidco, a consortium spearheaded by former CEO Stephen Blyth, to acquire the logistics company.
A statement from Cogels Investments, which owns roughly 26% of Xpediator, said a deal has been agreed upon at 44p per share, valuing Xpediator at roughly £62mln.
The offer price, which comprises 42p in cash and a 2p special dividend, represents a 45.5% premium to the closing share price on 19 December 2022, which was the last business day before the commencement of the offer period.
Bidco is a newly incorporated company, indirectly owned by the consortium which comprises funds advised by BaltCap, Cogels Investments and Nuoma IR Kapitalas.
Cogels and funds advised by BaltCap are joint offerors for Xpediator.