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Synnovia to be taken private in £49mln deal

The bid for the maker of plastic components values it at a 43% premium to Friday's closing price

Synnovia PLC - Synnovia to be taken private in £49mln deal
The pieces of the jigsaw are fitting together: The buyer believes the company will fare better away from the glare of the public markets

Synnovia PLC (LON:SYN) is being taken private in a deal that values the company at £48.8mln.

A fund advised by California-based Camelot Capital is offering 125p a share, a 43% premium to Friday’s closing price.

The transaction has the backing of management, while bidder Barker Partnership has already has 29.9% of the business. Adding in promises to sell stock – called irrevocable undertakings - will give it 57.7%.

Barker and Camelot said in the takeover documentation they believed the business, which makes plastic components such as ball bearings, is “better suited away from the public markets”.

“In order to maximise its future growth potential, Synnovia will be better suited to a private company environment, where both acquisitions and initiatives relating to the performance and development of its businesses can be implemented effectively, with appropriate support, capital and assistance from Bidco and without the costs, regulatory constraints and distractions associated with being an AIM-traded company,” investors were told.

Quick facts: Synnovia PLC

Price: 130 GBX

Market: LSE
Market Cap: £50.69 m

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