Europe, UK, Ireland

British potato company agrees to £52.95mln cash takeover offer

Image result for produce investments potatoOne of the UK’s leading potato producers Produce Investments PLC has agreed to around a £52.95mln recommended cash takeover offer from a Jersey company ultimately owned and controlled by funds managed by Promethean Investments LLP. The AIM-listed group said April 1983 Bidco Limited is offering 193p in cash for each Produce Investments share, around a 35% premium to the stock’s 142.50p closing price on Monday. It added that the offer is conditional, amongst other things, on valid acceptances being received in respect of more than 50% of the Produce Investments shares. 

Commenting on the offer, Produce Investments’ chief executive officer, Angus Armstrong said: “This transaction will allow Produce Investments to move to a more suitable private market environment for a company of its size, thereby eliminating the regulatory burden, constraints and costs of maintaining a public listing. “Existing management will continue to run the business, and, along with them, I look forward to continuing to grow the business and serve our customers.” (Source: proactiveinvestors.co.uk)