Innovation Gets Recommended GBP 499 Mln Cash Offer From Carlyle - Quick Facts

(RTTNews) - Innovation Group (TIG.L) announced Tuesday that it has reached agreement on the terms of a recommended cash offer with Axios Bidco Limited, owned by alternative asset manager Carlyle Group (CG), under which Innovation Shareholders shall be entitled to receive 40 pence in cash for each ordinary share. The offer values the entire issued and to be issued ordinary share capital of Innovation at approximately 499 million pounds.

The offer is to be effected by means of a scheme of arrangement under Part 26 of the Companies Act.

The per share price represents a premium of approximately 13.5 percent to the closing price on August 27, being the latest practicable date prior to the announcement by Innovation that it was in discussions with Carlyle.

It was on August 28 that Innovation confirmed its discussions with Carlyle Group regarding an offer at 40 pence per share in cash.

The offer is conditional on, amongst other things, the approval of Innovation Shareholders.

Bidco has, in total, received irrevocable undertakings and letters of intent to vote in favour of the Scheme in respect of approximately 28.3 percent of the share capital of Innovation.

Innovation Directors intend to recommend unanimously that shareholders vote in favour of the Scheme at the Court Meeting and the resolution to be proposed at the General Meeting.