(Alliance News) - Curtis Banks Group PLC on Friday received a takeover offer from Nucleus Financial Platforms Ltd, the potential buyer said.
Nucleus Financial Platforms is offering 350 pence per share, which values Bristol-based financial services company Curtis at GBP242 million. The offer price represents a premium of 32% to Curtis' share price on the last business day before the offer period began in November.
Further, it is 7.4% higher than Curtis's closing share price of 326p on Wednesday.
Curtis Banks shares rose 2.4% to 341.00p each in London on Friday morning.
Nucleus said that Curtis Banks' directors intend to unanimously recommend the takeover to shareholders. If approved by shareholders and the court, the potential buyer anticipates the takeover to complete in the second quarter of 2023.
This follows a November announcement that the two companies are in "advanced discussions".
By Tom Budszus, Alliance News reporter
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