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By Elena Vardon
Shares in DWF Group rose on Friday after Inflexion Private Equity Partners confirmed it is buying the company in a recommended all cash offer valuing it at 342 million pounds ($440.1 million).
At 1031 GMT, shares were up 11.2 pence, or 13%, at 96 pence.
The companies had said they were in talks regarding a possible acquisition of the provider of legal and business services last week, sending shares higher.
Under the agreed terms, DWF shareholders will receive a total consideration of 100 pence a share, which includes 97 pence a share in cash and 3 pence a share from a special dividend. The offer price represents a 53% premium to DWF’s closing price of 65.5 pence on July 7.
DWF’s directors intend to recommend shareholders vote in favor of the acquisition, whose terms they consider fair and reasonable, it said.
“The DWF board of directors recognises the opportunities that could be delivered under private ownership with Inflexion, which includes access to significant capital to invest in staff and technology, accelerated lateral hiring and transformative acquisitions across jurisdictions,” Chairman Jonathan Bloomer said.
The transaction is set to become effective around the fourth quarter of 2023 subject to conditions, it added.
Write to Elena Vardon at [email protected]
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