Ramsdens Holdings PLC (AIM:RFX) shares jumped 13.6% to 670p after an improved takeover offer was secured after shareholder feedback prompted US pawnbroking group FirstCash to raise its recommended bid.
FirstCash increased the cash consideration to 675p a share from 600p. Including dividends of up to 9p a share that shareholders will receive or be compensated for, the total value of the offer rises to as much as 684p a share.
The revised proposal values the pawnbroker, jewellery retailer and foreign exchange business at up to £232 million on a fully diluted basis.
The new cash offer represents a 49% premium to Ramsdens' closing share price on 22 June, before the original bid was announced, and a 37% premium to the company's record closing price before the start of the offer period.
The companies said they had engaged with Ramsdens shareholders following the original recommended offer announced last month and had agreed the higher price in response.
FirstCash also declared the revised proposal to be its final offer under Takeover Panel rules, meaning it cannot increase the bid unless a competing bidder emerges or the Panel grants permission in exceptional circumstances.
The takeover remains structured as a scheme of arrangement and continues to have the unanimous backing of the Ramsdens board.
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