Daisy receives bid to take the business private

Daisy receives bid to take the business private

Business telecoms group Daisy has confirmed that it received advances from a consortium regarding a possible offer to buy the business.

The approach was made on 27 July by the group's largest shareholder Toscafund Asset Management LLP and Penta Capital (28.5%), along with Daisy chief executive and founder Matthew Riley (23%). The consortium proposed a 190p-a-share offer.

In a statement posted on its website, Daisy said: 'An independent committee of the board has been convened who are engaged in preliminary discussions with the consortium and further announcements will be made as appropriate.'

In response to the news, Toscafund, Penta and Matthew Riley (pictured) confirmed that they were currently at the preliminary stage of considering a possible cash offer for the entire issue and to be issued share capital of Daisy. 'There is no certainty that any offer will be made nor of the level of consideration which might be attached to any such offer,' said the consortium.

The £500m bid is welcome news for fund manager Neil Woodford, who bought shares worth almost 4% of the business in June. Woodford's former fund, Invesco Perpetual, has a 22% stake in Daisy.

The consortium has until 10 September to make a formal bid.

Daisy shares climbed 11.5p to 186.5p following the announcement. Daisy began trading on the London Stock Exchange in 2009.

When Mobile contacted the company, a spokesperson told us: 'There is no further disclosure beyond that announced.'


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