News Column

EVO Business Supplies Buying Office2Office For GBP19.1 Million

August 21, 2014

Sam Unsted

LONDON (Alliance News) - Business supplies and outsourced business solutions provider Office2Office PLC Thursday said it has reached an agreement to be taken over by EVO Business Supplies Ltd, in deal which values the business at approximately GBP19.1 million.

The all-cash offer from EVO, a newly-created company owned by funds managed by private equity firm Endless LLP, is for 51 pence per share, a premium of around 84.6% on Office2Office's closing price of 27.63 pence per share on Wednesday and a 97.1% premium against the average closing price for Office2Office shares for the six months to August 20.

At the open Thursday, Office2Office shares were quoted up 72% at 47.52p.

After the deal, Office2Office will be merged with Vasanta, a business supplies company majority owned by Endless-managed funds, to form the new EVO business.

"Following a review of strategy, we have considered a number of options for Office2Office's future and have concluded that combining Office2Office with Vasanta is the best way of creating value for our shareholders," said Office2Office Chairman Jim Cohen.

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Source: Alliance News

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