A Rickmansworth-based firm has accepted a giant offer that it says will value the company at more than £1 billion.
Senior plc, the manufacturing and engineering giant headquartered in High Street, announced yesterday (April 7) that it had agreed to sell to a consortium led by private equity firms Tinicum Inc and Blackstone Inc for 300 pence per share.
According to the firm, the deal values Senior at £1.28 billion on a fully diluted basis and implies an enterprise value of £1.4 billion.
Under the agreement, shareholders will receive 297.85p in cash and a final dividend of 2.15p per share for every share in Senior held.
Last week, Senior confirmed it was in talks with New York-based private equity firm, Blackstone, together with Tinicum, after receiving a preliminary all-cash offer of an undisclosed amount.
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Tuesday saw the consortium confirm it had received support from 20.2 per cent of Senior's shareholders.
Senior's chair Ian King said the board believes the offer recognises the ‘'attractiveness of Senior and represents an opportunity for Senior shareholders to realise an immediate cash value at an attractive enterprise valuation''.
In March, Senior rejected an offer from Advent International LP, a Boston, Massachusetts-based private equity firm, but agreed to extend the offer deadline to April 17.
New York-based private equity firm Arcline Investment Management LP last week ruled itself out of the bidding for the FTSE 250 listing.
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