Henderson to buy New Star for £115m

The offer will be 2p in cash for each New Star ordinary share, which values the entire issued and to be issued ordinary share capital the John Duffield-led firm post-completion of its bank restructuring at approximately £21.6m. Existing New Star ordinary shareholders will receive approximately £5.4m and Henderson will part finance the purchase by placing up to 72.3m in new shares to investors, representing approximately 9.9% of its existing issued ordinary shares. The offer is conditional upon completion of New Star's restructuring, acceptances by 90% or more of New Star ordinary shareh...