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Brady secures £5mln loan as Hanover takeover succeeds

On Wednesday, Hanover secured enough acceptances for its £15mln cash offer to give it control of around 55% of Brady's shares

Brady PLC - Brady secures £5mln loan as Hanover takeover effort succeeds
Hanover raised its offer to £15mln from £8.3mln on Monday

Software group Brady PLC (LON:BRY) 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.

READ: Brady rockets as it receives possible counteroffer to Hanover takeover bid

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.

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