(Alliance News) - Be Heard Group PLC said Wednesday it has agreed to a GBP6.2 million by marketing communications group MSQ Partners Ltd.
Under the deal terms, MSQ will acquire the digital marketing services firm for 0.50 pence per share, reflecting an 18% premium to the closing price of 0.43p on Tuesday.
Shares in Be Heard Group were flat at 0.43 pence on Wednesday in London.
The acquisition is conditional on gaining at least 75% in shareholder approval at the upcoming scheme meeting and court meeting, as well as being sanctioned by the High Court of Justice in England & Wales.
So far, MSQ has obtained irrevocable acceptances from around 517.9 million shares in Be Heard, reflecting 42% of the company's entire issued share capital.
"There is compelling commercial logic in bringing together the two complementary businesses of Be Heard and MSQ Partners. We expect the combined business to be better placed to win more and larger clients both within the United Kingdom and internationally, particularly in North America and South East Asia. Moreover, with the support of LDC, it will have potential access to capital to fund further growth," said Chair David Morrison.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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