UK equipment rental company Aggreko said this morning it endorses a £2.32bn buyout offer from private equity firms TDR Capital LLP and I Squared Capital.
The company said the offer of 880p per share represents a premium of about 39 per cent to its 4 February share price. No more details were announced.
Chairman Ken Hanna said in a statement that “the Aggreko board believes that the offer … represents an attractive price in cash that fairly recognises Aggreko’s future prospects.”
The coronavirus has hit the Glasgow-based company hard, as Aggreko looks back on a difficult year.
As a result of the pandemic, demand for the company’s loading tools and rental power equipment has nosedived. Aggreko’s annual profit was down by 50 per cent and nearly a quarter of its market value vanished.
Peel Hunt analysts said this morning they do not foresee a competing or higher offer despite some recent speculation as TDR Capital has “a strong record in this sector.”
Source: City A.M.
Can’t stop reading? Read more
MasOrange, Vodafone, and GIC launch $5bn-backed FibreCo to build Spain’s largest fibre network
MasOrange, Vodafone, and GIC launch $5bn-backed FibreCo to build Spain’s largest fibre network...
TPG divests legal tech unit Elite to Francisco Partners
TPG divests legal tech unit Elite to Francisco Partners Francisco Partners has agreed to acquire...
J.P. Morgan lands private equity mandate from Colonial First State
J.P. Morgan lands private equity mandate from Colonial First State Colonial First State has...