Trive Capital to Acquire Ten Entertainment Group for £287m

Dec 6, 2023 | News | 0 comments

Ten-pin bowling operator Ten Entertainment Group PLC (LSE:TEG) has agreed to be taken over by US private equity firm Trive Capital for £287m. 

The Texas-based firm has offered to pay 412.5p per share in cash, a 33% premium to the closing share price on Tuesday and over 45% above the average for the past six and 12 months.  

Trive’s Neon Buyer bidco vehicle has support from major shareholders holding 39.5% of the shares, based on irrevocable commitments and non-binding letters of intent to vote in favour of the deal.

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Ten Entertainment chairman Adam Bellamy said: “I am confident that the growth strategy we have in place for the business will continue to deliver for all our stakeholders. However, whilst TEG has performed well in the public markets in comparison with its peers, the acquisition provides all TEG shareholders with the opportunity and certainty of an exit which I believe recognises the underlying value in our business.”

He called the price offered “an attractive premium” to the prevailing share price, “and accordingly the TEG directors have no hesitation in recommending the offer to our shareholders”. 

Source:  Proactive Investors

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