By Joe Hoppe
Restore PLC said on Tuesday it reiterated its unanimous rejection of Marlowe PLC’s unsolicited £ 743 million ($ 1.03 billion) unsolicited takeover bid and received strong support from the share of shareholders.
Security and regulatory compliance specialist Marlowe’s previous possible offer of 530 pence per share, first disclosed on July 22, consisted of 71 pence in cash per share and the remainder in shares. The price was a 26% premium over Restore’s closing share price of 420 pence on July 21, the day before the offer was announced.
The London-listed information and data management services provider said Marlowe’s proposal significantly undervalues the company given its prospects, is not strategically convincing, and that the structure of the proposal, with a small amount of money offered is not in the best interest. shareholders.
Restore said it had received written confirmation from seven shareholders representing approximately 33.27% of its issued share capital, stating that they did not intend to accept the offer made on July 22, and the company urged other shareholders to take no action.
Shares at 08:59 GMT were down 10 pence, or 2%, to 480 pence.
Write to Joe Hoppe at [email protected]