News Column

UPDATE: Perform Group Urges No Action On Access Industries Offer

September 1, 2014

Sam Unsted

LONDON (Alliance News) - Digital media company Perform Group PLC Monday urged its shareholders to take no action 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.

Shares in Perform were up 26% to 257.20 pence Monday morning, easily topping the risers in the FTSE 250.

Perform reiterated its confidence in its standalone strategy and growth prospects, and said it remains focussed on "delivering significant value for all shareholders".

Last Friday, Perform said it was on track for its revenue and adjusted earnings expectations for the full-year as it stressed that its cost reduction plan is on track, with benefits to come through in the second half. It saw a widened loss in the half-year to end-June on higher costs, including costs relating to its acquisition of Opta Sports Data Ltd and restructuring expenses related to its cost-reduction programme.

Access Industries said its AI PG LLC unit will bid 260 pence per share for the 57.5% of the company it does not already own. The bid is a 28% premium on the closing price of 203.8 pence per share in Perform on Friday and is a premium of 22% 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. 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.

Access Industries is a privately owned American conglomerate, which owns record company Warner Music Group.

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Source: Alliance News

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