viewCharles Taylor PLC

Charles Taylor soars as board welcomes private equity takeover

"Charles Taylor is a high-quality business, operating in a sector Lovell Minnick has a strong track record of investing in"

Ocean-going tanker
Charles Taylor provides broking and underwriting services

The board of insurance underwriting and broking support services provider Charles Taylor PLC (LON:CTR) has backed a private equity takeover bid.

The shares shot up 37% to 322p as the directors gave the thumbs-up to a 315p per share cash offer from Lovell Minnick Partners.

Lovell Minnick is also proposing to allow Charles Taylor shareholders to keep the recently announced interim dividend of 3.65p per share, due to be paid in November.

"The Charles Taylor board is confident in the quality and long term prospects of the Charles Taylor group but believes that this offer recognises these factors and represents a good opportunity for shareholders to realise value for their investment at an attractive premium,” said Edward Creasy, the chairman of Charles Taylor.

“As a private company with Lovell Minnick's backing, I believe Charles Taylor will continue to capitalise on opportunities in its markets and ensure the future success of Charles Taylor for employees, partners and clients," he added.

David Marock, the chief executive officer of Charles Taylor, said Lovell Minnick is “a highly regarded investor with experience in our markets”.

“They understand the foundations and strengths of our group and we welcome their commitment to working with the management team to drive the business forward," Marock said.

The terms value the company at around £261mln.

Quick facts: Charles Taylor PLC

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