The unexpected bidder for specialist lender the Kensington Group has been revealed as South African investment bank Investec.
Kensington has announced to the stock market it has reached an agreement on the terms of a recommended offer. Under the terms of the offer, each Kensington shareholder will receive 0.7 Investec shares plus a special dividend of 26p for each Kensington share, valuing each Kensington share at 519.5p per share based on an Investec share price of 705p per share on 29 May. Peter Birch, Kensington chair, says: “This offer secures the future of Kensington within a stronger group with complementary capabilities and at a fair price, and enables shareholders to share in the value to be created by...
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