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Telecoms firm in talks over possible share offer [Newcastle Journal (England)]
[August 15, 2014]

Telecoms firm in talks over possible share offer [Newcastle Journal (England)]

(Newcastle Journal (England) Via Acquire Media NewsEdge) TELECOMS provider Daisy Group plc, which operates a Prudhoe base, has revealed it is in talks with a consortium of large shareholders led by its chief executive officer.

In a note to shareholders this week, the national company said it was in talks with a consortium comprising Toscafund Asset Management LLP, Penta Capital LLP and Matthew Riley, Daisy's chief executive officer.

The aim-listed firm said Toscafund had approached it on behalf of the consortium with a cash offer of 190p per Daisy share, which on Wednesday gave the firm a market valuation of roughly Pounds 470m.

A statement from Daisy said: "This announcement is not an announcement of a firm intention to make an offer under Rule 2.7 of the Code and, accordingly, there can be no certainty of an offer being made for Daisy by Toscafund, Penta and/or Matthew Riley, nor as to the terms of any offer. This announcement is made without the Consortium's consent." The consortium must now announce a firm intention to make an offer for Daisy no later than 5pm on September 10, 2014.

Mr Riley holds a 23% stake in Daisy Group.

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