CIP Merchant Capital Ltd - AIM-listed closed-ended investment company incorporated in Guernsey - Confirms approach by Corporation Financiere Europeenne SA on Tuesday for all-cash offer at 50 pence per CIP share.
The offer is at an 11% discount to CIP's closing price on Tuesday of 56 pence, however, "cognisant of its responsibilities to maximise value for all of the company's shareholders", the company will give due consideration to the offer's terms.
CFE made an initial approach to the board on September 29, and a second approach on December 2, which were both rejected. CFE, a trading house focused around special situation opportunities, currently has a 6.9% shareholding in CIP.
Current stock price: 56.00 pence
Year-to-date change: up 11%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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