Telecoms giant BT has made an agreed offer to acquire Tikit Group, the information technology services provider to the legal and accountancy profession.
BT is offering 416p in cash per Tikit share, comfortably above the 353.5p closing price of Tikit on the day before the announcement, and valuing the company at around £64.2m.
The Tikit directors recommend acceptance of the offer and have given irrevocable undertakings to accept it in respect of their own shareholdings, which account for around 7% of the existing share capital of Tikit.
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
"We firmly believe that this transaction is in the best interests of our shareholders and employees. BT will enable Tikit to continue to grow and better service the needs of its clients," said Mike McGoun, non-executive Chairman of Tikit.
"The offer will enable us to combine Tikit's expertise, portfolio, relationships and deep understanding of the legal sector with BT Retail's scale and breadth of products," said Gavin Patterson, Chief Executive Officer of BT Retail.
-
ONS wage growth data puts Bank of England UK interest rate cuts into doubt, analysts warnNews ONS wage growth data has shown earnings are continuing to rise at an inflation-busting rate. It means cuts to the base rate may come later in the summer
-
Most expensive street in Britain to buy on has houses with '£10m average asking price', Rightmove findsNews Rightmove found Buckingham Gate, close to Buckingham Palace, was the most expensive street in the country. Do you live near one that's been included on the list?
