Daisy Group has bid for fellow telecoms services businesses consolidator Spiritel and it already has acceptances of more than 94%.
Daisy is paying 51.5p a share for Spiritel, which values it at £27.3m. Daisy will also take on borrowings of £6.1m. Spiritel’s customers include Punch Taverns.
Spiritel Technologies will be sold to a company owned by Spiritel chief executive Alastair Mills, fellow director Ronald Smith and two other men for £1. The business, which generated revenues of £3.6m in 2009-10, will be closed.
The takeover will boost Daisy’s earnings per share by 1.2p – an increase of more than 10%
All five Spiritel directors have resigned.
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