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LabTech Investments To Buy Remaining Stake In Market Tech Holdings

Fri, 21st Apr 2017 19:47


LONDON (Alliance News) - Directforce Trading Ltd late Friday said LabTech Investments Ltd has agreed to buy the remaining stake it doesn't already own in London-listed Market Tech Holdings Ltd.

LabTech already owns 71% of Market Tech and will buy the remaining stake for 188 pence per share in cash, valuing Market Tech at GBP892.5 million.

The offer represents a premium of 29.7% to Market Tech's closing price of 145p on Thursday. Shares in Market Tech closed up 0.8% at 146.17p on Friday.

LabTech has received irrevocable commitments to accept the offer from Market Tech's independent directors, who hold 0.1% of Market Tech's overall share capital and 0.3% of the remaining shares not yet owned by LabTech. The independent directors also intend to unanimously recommend that shareholders accept the offer.

In addition, LabTech has received non-binding letters of intent from Lombard Odier Investment Managers for accounts managed by LOIM entities to accept the offer in respect of 2.1% of Market Tech's shares, representing 7.2% of the remaining stake yet to be bought.

LabTech is a property and technology company established in 2014. LabTech's primary assets are its shareholding in Market Tech and a portfolio of properties in Holborn, Central London.

"The independent Market Tech directors have reviewed this cash offer in light of the potential of the Market Tech business whilst also considering the impact of both uncertain market conditions and the current rating for listed UK real estate companies with large scale long-term developments," Market Tech Chairman Neil Sachdev said in a statement.

"Against this background, the independent Market Tech directors believe the cash offer provides shareholders with a certain opportunity to realise future potential value today, at an attractive premium to the current share price," he added.

By Karolina Kaminska; karolinakaminska@alliancenews.com; @KarolinaAllNews

Copyright 2017 Alliance News Limited. All Rights Reserved.

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