Markel Capital Reports Recommended Cash Acquisition Of Abbey Protection Plc

(RTTNews) - The boards of Markel Capital Holdings Ltd., an unit of Markel Corp. (MKL), and Abbey Protection plc (ABB.L) have inked a deal on the terms of a recommended cash acquisition of the entire issued and to be issued share capital of Abbey Protection by Markel.

Pursuant to this, Abbey Protection shareholders would be entitled to receive 115 pence cash for each Abbey Protection share, valuing the entire issued and to be issued share capital of Abbey Protection at about 116.5 million pounds. This price represents an enterprise value-to-earnings before interest, tax and depreciation or EBITDA multiple of 9.3 times; and a price-to-earnings multiple of 14.5 times.

Further, Abbey Protection shareholders on Abbey Protection's register of members on September 13, 2013 would receive the interim dividend of 2.4 pence per Abbey Protection Share, payable on October 10, 2013. Markel confirmed that it would not increase the acquisition price and that this is its final offer.

The acquisition is planned to be implemented by way of a scheme of arrangement under Part 26 of the Companies Act 2006.