Walker Crips’ independent directors and Singaporean financial services group PhillipCapital have agreed on the terms of a recommended cash acquisition under which PhillipCapital will buy all outstanding Walker Crips shares.
In an update shared by the firm today (24 November), it confirmed that the purchase will be mainly via a court-approved scheme of arrangement. As a result of the deal, shareholders will receive 14.0 pence in cash per share, which values Walker Crips at £5.96m on a fully diluted basis. The offer represents around 87–91% above recent one to three month average prices, and 41% above the six-month average. PhillipCapital and its concert party already own 29.03% of Walker Crips, so these shares cannot vote at the court meeting but can vote at the general meeting. The independent Walk...
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