(Alliance News) - Aggreko PLC on Thursday said its board is recommending that Chair Ken Hanna be re-elected to his role for an interim period, to allow for the FTSE 250 temporary power generation supplier to continue being led up to its acquisition by Albion Acquisitions Ltd.
In August, Aggreko had said it would appoint Non-Executive Director Mark Clare as chair with effect at the company's annual general meeting on April 22, replacing Hanna after nine years in the role since 20212.
Aggreko's intent is that once its takeover is completed, Hanna will step down from his role immediately after.
In early March, Aggreko agreed to GBP2.32 billion takeover offer from Albion Acquisitions. Under the acquisition's terms, Albion will acquire Aggreko for 880 pence per share in cash, reflecting a 39% premium to the closing price of 635p on February 4, the last day before the start of the offer period.
Albion Acquisitions is a company newly formed by funds managed by Miami-based private equity firm I Squared Capital Advisors US LLC and investment funds managed by London-based private equity firm TDR Capital LLP.
Shares in Aggreko were up 0.1% at 884.00 pence on Thursday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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