Hungry Brit giant Daisy Group extends D-day for buying consortium
To buy or not to buy, that is the question facing CEO Riley & Co
The takeover saga at B2B tech and comms outfit Daisy Group looks set to rumble on for a bit longer yet after the London-listed biz again extended the deadline for a consortium of prospective buyers to prepare a bid.
The Yorkshire-based firm last month received an approach to take the firm private from CEO Matthew Riley, backed by Toscafund Asset Management LLP – Daisy’s largest shareholder – and equity provider Penta Capital.
The group were originally told they needed to have a firm offer on the table by 10 September, but this was then pushed back at the request of the consortium until the end of today.
This morning, Daisy’s Takeover Panel and independent directors confirmed they have again extended the deadline by another fortnight to 5pm on 6 October.
This allows the consortium to “consider and finalise certain aspects of its proposal”. There are still no guarantees an offer will be made.
The consortium, which already owns 51.5 per cent of Daisy, made an initial offer of 190 pence per share, representing a nine per cent premium the market’s valuation of £466.5m on 13 August.
The share price currently stands at 185 pence.
Daisy is one of the most acquisitive ICT firms in the UK, having swallowed more than 40 firms since being founded by Riley in 2001. ®