Kewill agrees to private equity buy-out
Supply chain software company, Kewill, has agreed a takeover offer from private equity outfit Francisco partners.
Supply chain software company, Kewill, has agreed a takeover offer from private equity outfit Francisco partners.
The 96p a share cash offer values Kewill at around £89.5m, a 26.3% premium to the closing price of the shares on the day before the bid was announced.
So far the bid has the backing of 29.27% of shareholders.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
George Elliott, Chairman of Kewill, said: "Given the ongoing challenges faced by the business, including the meaningful contribution to operating profit from our reverse logistics business which we intend to exit, we firmly believe that this transaction is in the best interests of all Kewill stakeholders, including our shareholders, employees, customers and partners.
Kewill's shares rose 25% on the announcement to 95.15p, roughly in line with the bid price. Until today the firm was having a tough 12 months, having fallen 28% since last May.
BS
-
What will 2024 general election mean for UK house prices?
UK house prices have been seeing a spring bounce. But has Rishi Sunak’s snap election changed the property market’s outlook?
By Henry Sandercock Published
-
What will the general election mean for your taxes?
Taxes are in focus as we race towards the 4 July general election. What can you expect from the two main parties?
By Katie Williams Published