Empresaria Group plc (AIM:EMR) shares rocketed in Thursday’s trade with the prospect of a premium-priced takeover.
The specialist staffing company, in a statement, said it had received a non-binding indicative proposal from Legacy UK Holdings Limited, for a cash offer priced at 62p per share.
At that price, it pitches a premium of 148% to Tuesday’s closing price of 25p.
After rising 80% on Thursday, Empresaria shares are changing hands at 45p, indicating further upside if the takeover interest passes due diligence and matures to a binding deal.
The Empresaria board says it believes the possible offer would represent the highest value currently on offer to shareholders.
The board has told Legacy that it would unanimously recommend acceptance, subject to agreement on customary terms and conditions and the announcement of a firm intention to make an offer.
Legacy must now either announce a firm intention to make an offer by 5:00 pm on 27 August or state that it does not intend to proceed.
There can be no certainty that an offer will be made, Empresaria noted.