Business

Arrow

The Channel

Daisy Group: so long AIM, it's been emotional, sort of

B2B comms and tech outfit to cancel share trading from 22 January

The soon-to-be-private B2B comms and tech supplier Daisy Group confirmed this morning that its shares will be yanked from the Alternative Investment Market from 22 January.

The previously agreed 185-pence per share offer from a consortium led by CEO Matthew Riley was declared unconditional this month, valuing the firm at £494m and paving the way for the next chapter in its history.

Between them, Riley along with private equity investors Tosca Fund and Penta Capital owned or received valid acceptances to acquire a 97 per cent stake in the business.

In a statement to the City today, Daisy stated the withdrawal from AIM means the remaining stragglers that have yet to accept the consortium’s bid should act quickly.

“Cancellation will significantly reduce the liquidity and marketability of any Daisy shares in respect of which the offer has not been accepted,” it stated.

As exclusively revealed, Riley is to become exec-chairman from next year when the business goes private, and is bringing in Computacenter UK MD Neil Muller as his CEO successor.

The business has acquired 46 firms since it was founded by Riley in 2001 so further action is expected from the man next year.

Daisy aims to build the largest managed services operation targeting small and mid-market customers, and to do this profitably. ®

Sponsored: Magic quadrant for enterprise mobility management suites