On Wednesday, Hanover secured enough acceptances for its £15mln cash offer to give it control of around 55% of Brady's shares
Software group () has secured a £5mln loan from investment house Hanover after a takeover offer from the private equity firm allowed it to secure control of the company.
Hanover had initially offered 10p per Brady share, valuing the group at £8.3mln, however, on Monday this was increased to 18p per share, or £15mln.
On Wednesday, Hanover secured acceptances from Brady’s investors giving it control of around 55% of the shares, meaning the takeover offer will now become unconditional for all remaining shares in the company.
Brady said it will draw down £3mln under the new facility, adding that the entire amount will provide it with enough cash to fund itself to January next year as well as support through an “anticipated low point” next February.
In late-afternoon trading, Brady’s shares were 0.4% lower at 17.6p, a 2% discount to Hanover’s takeover price.
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...
In exchange for publishing services rendered by the Company on behalf of Brady PLC named herein, including the promotion by the Company of Brady PLC in any Content on the Site, the Company receives from said issuer...
FOR OUR FULL DISCLAIMER CLICK HERE