Owners leading a takeover bid for a listed legal services group will pay minority shareholders £12m ahead of taking the business private.
Anexo Group announced on Friday that its offer to buy shares at 60p per share was heavily oversubscribed, with valid applications received for more than 32m ordinary shares.
The company’s majority shareholders had offered to buy up to 20m ordinary shares and will purchase these in full.
Anexo is an integrated credit hire and legal services provider which owns the Liverpool firm Bond Turner.
Asset management firm DBAY, which bought 29% of the shares at 150p per share in 2020, has proposed to buy the company with Anexo founder Alan Sellers and managing director Samantha Moss. Before the latest sale, the three joint bidders collectively owned around 63% of the company’s shares. They intend to cancel the firm’s AIM listing.
Shares were trading at 68.4p as recently as 21 July, but have fallen sharply since the takeover announcemment. Last week they were priced at 38.8p.
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