News blog
Supporta
- BY: Andrew Hore |
- POSTED: 07/01/2010 |
AIM-quoted Allied Healthcare International Inc has decided not to bid for home care provider Supporta.
Allied submitted an indicative cash offer for Supporta but following due diligence it decided not to proceed. The fact that it was a cash offer would have been attractive to many shareholders.
On 18 December, Supporta agreed an all-share merger with social housing maintenance group Mears. Mears is offering 0.115 of a share for each Supporta share. That deal was worth approximately £27.2m when it was announced and valued each Supporta share at 31p. The Mears share price has risen to 278.75p since then and that values each Supporta share at 32p.
Romac Investments, Supporta’s main shareholder with a 28.2% stake, was keen for on the indicative Allied offer. It said that it was “very surprised” that Mears’ offer had been recommended by Supporta’s board. Now that there is no alternative offer Romac will need to reconsider its opposition to the Mears bid.
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