(Alliance News) - Carpetright PLC said Wednesday another shareholder has given its support towards a discounted takeover offer by lender Meditor European Master Fund Ltd.
On Tuesday, a non-binding letter of intent was received by the floor covering retailer from Investec Asset Management Ltd, which holds 11.3 million shares in Carpetright, to vote in favour of the offer.
As a result, irrevocable undertakings and letters of intent have been recieved for an aggregate 84.3 million shares reflecting 28% of Carpetright's issued share capital.
On Thursday last week, Carpetright - which is based in Essex - said it was considering a cash offer from Meditor at 5.00 pence each, or GBP15.2 million in total, a 45% discount to its closing price of 9.12p on Wednesday last week.
Meditor now has until November 28 to make a firm offer for Carpetright.
Shares in Carpetright were up 1.1% at 4.55 pence on Wednesday in London, giving it a market capitalisation of GBP13.8 million.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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