Cambria MBO offer increased
01 August 2021
Cambria boss Mark Lavery has increased his offer to take the PLC private by upping the amount on the table to 82.5 pence a share.
Despite the original 80p offer being recommended by Cambria’s takeover panel, the management buyout via Lavery’s Bidco firm is understood to have suffered delays due to not reaching the 75% majority approval required.
The new offer has switched from a ‘scheme’ to a ‘takeover offer’ and according to a statement by Cambria “Bidco is of the view that the offer is in the best interests of Cambria shareholders and therefore, in order to increase the certainty of its execution, Bidco has determined, with the consent of the panel, to implement the ofer by way of a takeover offer rather than by way of the scheme”.
The statement added the offer will not be increased unless “there is an announcement of a possible offer or firm intention to make an offer for Cambria by a third party”.
Tags:
Cambria 
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