By Michael Susin
STM Group said it has agreed on the terms of a recommended takeover offer by Jambo SRC in a deal that values STM at around 35.6 million pounds ($43.6 million).
The financial-services provider said on Tuesday that Jambo will pay 60 pence a share in cash, representing a premium of around 120% to the closing price of 27.5 pence a share on July 10, the last day prior to the offer period.
In addition, shareholders will be entitled to a deferred consideration unit which may deliver up to 7 pence a share. This could bring the acquisition value to a maximum of around GBP39.8 million and deliver up to 67 pence a share, representing a premium of around 144%.
The London-listed group also said it has agreed to sell its self-invested personal pension-scheme companies to Pathlines Holdings, a company controlled by STM Chief Executive Alan Kentish, for GBP4.5 million.
Write to Michael Susin at [email protected]
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