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Ukraine,United Kingdom : LEN BLAVATNIK to investment £702 million to control PERFORM

September 4, 2014

Ukrainian tycoon Len Blavatnik, Britain s 4th-richest person, moved to take control of online sports rights group Perform, offering to buy its shares he floated it at 3 years ago.

Blavatnik s Access Industries, the private vehicle has investments in natural resources, chemicals, property and a growing media and internet portfolio including Warner Music, is offering 260p cash for each Perform share, which values it at 702 million.

That is a 28% premium over the 203.8p at which Perform shares closed after it reported flat half-year profits. It jumped 26% to 256.8p.

Access holds a 42.5% stake and while it wants to take that over 50% to regain full control, it may not want a 100% takeover.

Perform owns the global football website Goal, which supplies sports content to bookmakers and runs the websites and TV channels of clubs like Chelsea.

It bought sports data group Opta before issuing a disastrous profits warning on the back of falling advertising and sponsorship revenues.

The offer would allow shareholders an exit to do so at a significant premium to the current trading level.

Perform issued a holding statement advising its shareholders to take no action. Joint chief executive Simon Denyer is one of the largest shareholders with a 9% stake worth 63 million.

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Source: TendersInfo (India)

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