News Column

Perform Group Shares Jump On Access Industries Offer

September 1, 2014

Sam Unsted

LONDON (Alliance News) - Perform Group PLC saw its shares surge higher in early trading Monday after Access Industries Group made a final cash offer to acquire all of the shares in the company it does not already own for 260 pence per share, valuing the company at GBP701.6 million.

Access Industries said its AI PG LLC unit would bid 260 pence per share for the 57.5% of the company it does not already own. The bid is a 27.6% premium on the closing price of 203.8 pence per share in Perform on Friday and is a premium of approximately 21.7% on the average price of Perform shares in the month prior to the offer being made.

Access said the bid was final and would not be increased.

Shares in Perform were up 25.9% to 256.7 pence in opening trading Monday, easily topping the risers on the FTSE 350.

The deal values the remaining stake in Perform that Access is buying at GBP410.3 million and the entire issued share capital of Perform at around GBP701.6 million.

On Friday, Perform said it was on track for its revenue and adjusted earnings expectations for the full-year, as it saw a widened loss in the half-year to end-June on higher costs.

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Source: Alliance News

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