Tavistock Investments PLC (LON:TAVI) has received a takeover offer from fellow AIM company Team PLC (LON:TEAM).
Team, which owns TEAM Asset Management and which completed its IPO earlier this month, said that it had made a confidential approach to the board of Tavistock on 11 March 2021 regarding a possible offer.
On 15 March, Tavistock notified Team that it would not engage nor provide access to due diligence materials.
In a statement on Tuesday, Team said it now “seeking to engage with Tavistock shareholders to discuss the merits of a possible offer to acquire the entire issued and to be issued ordinary share capital of Tavistock at an exchange ratio of one TEAM share for every 36 Tavistock shares”.
At the last closing price, this would imply a value per Tavistock share of 2.50p or a total equity value for Tavistock of approximately £15.2mln.
Shares in Tavistock were up 2% at 2.55p.