The management buy-out of Photo-Me International PLC (AIM:PHTM) has acceptances of 36.54% as a March 8 deadline for the offer approaches.
Tibergest PTE Ltd, a vehicle owned by Photo-Me chief executive Serge Crasnianski, has so far received acceptances for 65,774 shares owned by shareholders, according to a stock market statement on Wednesday.
Crosnianski, who had launched a £283.5mln takeover bid on January 21, said the vehicle now controls 138.1mln shares of London-listed Photo-Me, or 36.54% of its issued share capital.
Shareholders of Tibergest would be set to receive 75p for every share held, if the buy-out proceeds.
Tibergest announced on January 21 that it intends to make a mandatory cash offer for all of Photo-Me's shares that are not already held by the company. The offer document was published and sent to Photo-Me shareholders on February 15.
It is a non-recommended mandatory cash offer.