Euromoney £1.6bn takeover by Astorg and Epiris receives watchdog approval

Euromoney Institutional Investor on Friday said all the regulatory and antitrust conditions relating to its proposed takeover by Becketts Bidco have been met.

Becketts Bidco is a consortium of Luxembourg-based private equity firm Astorg Asset Management and London-based private equity firm Epiris LLP.

The London-based global business-to-business information-services company said “all of the conditions relating to the regulatory and antitrust approvals have now been satisfied”.

The scheme remains subject to the waiver or satisfaction of the remaining conditions set out in the scheme document. This includes the sanction of the scheme by the court at the court hearing, which is scheduled for November 22.

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The effective date of the scheme is expected to be November 24. A further announcement will be made when the court sanctions the scheme.

According to terms agreed in July, Becketts Bidco will pay 1,461 pence per Euromoney share, a 34% premium on Euromoney’s “undisturbed” stock price of 1,094p on June 17, the final trading day before Euromoney confirmed the takeover approach on June 20. The total value of the takeover is GBP1.6 billion.

On September 8, Euromoney announced that a majority of shareholders had approved the scheme at the court meeting and the special resolution to implement the scheme was passed by the requisite majority of Euromoney Shareholders at the general meeting.

Shares in Euromoney were trading 0.6% higher at 1,458.00 pence each in London on Friday around midday.

Source: Morning Star

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