A Consortium led by Daisy CEO Matt Riley has offered to acquire the entire issued and to be issued share capital of Daisy not already owned, or agreed to be acquired, by Bidco. Under the terms of the Offer, Daisy Shareholders will be entitled to receive 185 pence in cash for each Daisy Share.
Further to the announcement by Daisy Group that it was in preliminary discussions with Toscafund Asset Management LLP, Penta Capital LLP and Matthew Riley, the Chief Executive Officer of Daisy (with Toscafund, Penta and Matthew Riley being together referred to as the Consortium), the Consortium and the Independent Directors of Daisy announce that they have reached agreement on the terms of a recommended cash offer pursuant to which Chain Bidco plc, a newly incorporated company owned by the Consortium.
Christina Kennedy, Senior Independent Non-Executive Director of Daisy, said:
"I am pleased that we have reached agreement on the terms of an Offer that represents a good outcome for Daisy Shareholders and enables them to exit at a premium for cash. The Independent Directors believe that the Offer represents good value and an attractive balance between the future opportunities and risks facing the business and have therefore decided to recommend unanimously the Consortium's Offer to Daisy Shareholders."
Peter Dubens, Executive Chairman of Daisy, said: "I would like to thank Matthew Riley and the management team of Daisy for their skill and hard work in implementing an acquisition-led strategy which has delivered shareholders 185 pence per Daisy Share compared to the placing price in the 2009 reverse takeover of 80 pence per Daisy Share, an increase of 131.3 per cent. When compared with the increase in the FTSE AIM All Share index of 27.5 per cent. since Admission, I believe that this represents a good outcome for all Daisy Shareholders."
Matthew Riley, Chief Executive of Daisy and a member of the Consortium, said: "The Company has enjoyed loyal support from its shareholders over the five years it has been quoted on AIM. The Offer provides Daisy Shareholders with a cash premium today and represents a positive development for our 59,000 customers and continuity for our 1,500 employees; it also positions the Company for its next phase of growth in the UK telecoms and IT sector, with the backing and strategic and financial guidance of Toscafund and Penta."