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.
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
