LONDON (Alliance News) - Fenner PLC said Wednesday its shares on the Main Market of the London Stock Exchange have been suspended from trading with a delisting of the shares expected Friday, as the acquisition of the industrial belt manufacturer by France's Michelin is completed.
On Friday, the High Court of Justice in England and Wales sanctioned a GBP1.20 billion acquisition of Fenner by Compagnie Generale des Etablissements Michelin SCA.
In March, Fenner agreed to Michelin's offer of 610.00 pence per Fenner share, which valued the firm at GBP1.20 billion. This compares to a market capitalisation of around GBP925.4 million based on its closing price the day prior to the deal being announced.