Shares in Empresaria Group plc (AIM:EMR) rose 16% after Planmatics, a newly formed vehicle backed by a consortium of investors, secured support from shareholders holding 57% of the company’s stock for a proposed £30 million takeover.
The indicative offer for the staffing group comprises 10p in cash per share and a 50p unsecured loan note redeemable after three years, carrying 2.6% annual interest.
Planmatics has received irrevocable undertakings from shareholders holding 29.1% of the company, and a further 27.9% support through a non-binding letter of intent.
The offer is subject to due diligence and confirmation of funding and may proceed via a scheme of arrangement or a standard takeover offer.
The bid follows an unsolicited approach announced in May and is being led by Peter Gregory, Nigel Marsh and Ashok Vithlani.
Further updates are expected as the deal progresses, though the offer terms have yet to be finalised in a formal proposal.
The shares rose 4p to 30p.