The board of Sureserve Group PLC (AIM:SUR) has agreed an all-cash takeover offer from private equity firm Cap10 Partners.
At 125p per share, valuing the compliance and energy services group at £214.1mln, the offer price is a 38.9% premium to the last closing price of 90p.
The Sureserve board, advised by broker Evercore, said it intends unanimously to recommend the deal to shareholders.
Major investors representing combined holdings of around 23.4% have given irrevocable undertakings to back the deal, with director shareholdings and a letter of intent from another investor taking this to 39.5%.
Sureserve chair Nick Winks said the directors believe that the offer “presents an opportunity for Sureserve shareholders to realise an immediate and certain compelling value in cash at a meaningful premium and are therefore themselves going to vote the Sureserve shares in which they are interested in favour of the acquisition”.
Fabrice Nottin and Serge Touati, co-managing partners of Cap10, said they see the company as “well-positioned to bring a full suite of products and services to its customer base to support them in all aspects of their energy transition journey”.