McCarthy & Stone backs £1 billion offer from Barclays Capital and Permira |
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Published
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Mon, 17 Jul 2006 15:05
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LONDON - Britain’s biggest builder of retirement housing, McCarthy & Stone has backed the £1 billion offer from private equity groups Barclays Capital and Permira. McCarthy & Stone said in a Regulatory News Statement that the groups had offered 1,000 pence a share for it. This is 27 percent more than the builder’s closing price on June 1.
This was one day before McCarthy revealed that there had been some approaches and the company was considering them. McCarthy & Stone Chairman Keith Lovelock said the offer is subject to approval from shareholders. "Compared with the other approaches we have received, we believe the offer provides certainty for shareholders,'' he said in a statement.
Hours after this offer was accepted, the Bank of Scotland entered the fray and offered £10.30 per share as a part of a group called Broomco, which includes Sir Tom Hunter’s West Coast Capital and Aldergate Investments. But the Bank of Scotland reiterated that there was no certainty that a formal offer would be rendered.
McCarthy & Stone has been a takeover target for a long time. However the company reported a 22 percent fall in first-half profit as the cost of raw materials sky rocketed and U.K.'s property market grew sluggish.
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Whopping £20m salary to top notch Barclays bankers surpass all 