A Macquarie-backed newly-formed subsidiary (Bidco) is offering 210.1p in cash for each Premier share. Shares in Premier shot up 136% to 205p on the news.
Paul Teasdale and Roger Teasdale, the chief executive officer and managing director of Premier respectively, have agreed to accept the offer in respect of their shareholdings and reinvest £16.3mln and £1.8mln respectively of the money they will receive in Bidco.
Certain other senior managers of Premier have agreed to invest £1.49mln in Bidco, making this a management buy-out of sorts.
The independent directors of Premier, advised by auditing firm KPMG, have unanimously recommended shareholders accept the offer.
Premier Technical Services floated on AIM in February 2015 at 52p a share. It has four divisions: Access & Safety; Electrical Services; Building Access Specialists; and Fire Solutions.