Financial services firm IFG Group PLC (LON:IFG) has agreed to be taken out by London-based private equity firm Epiris in a deal worth £206mln.
Epiris, whose investments also include TGI Fridays, Hollywood Bowl and auction house Bonhams, is to pay 193p for each IFG share.
That offer represents a premium of 46% compared to the closing price of the stock on Friday afternoon and values IFG at 21.4 times earnings.
“We are pleased to be announcing this transaction today and believe it is an excellent outcome for shareholders, for the company, and for our clients,” said IFG chief executive Kathryn Purves.
“The offer by Epiris represents a compelling opportunity for shareholders to realise an immediate and attractive cash value for their shareholding in IFG today.”
Epiris’ Owen Wilson added: “We are delighted that the Board of IFG has recommended our offer and we are excited to work with management to realise the growth potential of James Hay and of Saunderson House and to further enhance their position in their respective markets.”
IFG had put its Sanderson House business on the chopping block early in 2018 after a strategy review concluded that its disposal might create greater value for shareholders.