News blog
Lees Foods
- BY: Andrew Hore |
- POSTED: 10/04/2012 |
Scotland-based Lees Foods is being acquired by its management through Randotte (No. 555) Ltd.
The bid is 230p a share in cash and this values the macaroon bars and coconut snowballs maker at £5.6m. A profit of £900,000 was forecast for 2011 so the bid values Lees at around nine times post-tax earnings.
All of the directors of Lees are involved with the buyout vehicle so the nominated adviser Shore Capital has recommended the bid. Shareholders owning 40.9% of Lees have agreed to accept the bid. The majority of the shares owned by directors will be swapped for shares in Randotte. Four senior employees are swapping their Lees shares for Randotte shares.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMarch2012_30.pdf
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