(Sharecast News) - Gresham House and Bidco announced a significant development in their ongoing acquisition process on Thursday, having received approval from the Central Bank of Ireland (CBI) for the proposed change in control related to the acquisition.
The AIM-traded firm said the acquisition, announced on 17 July 2023, involved Bidco - a new entity formed by funds advised by Searchlight Capital Partners and its affiliates - making a recommended final cash offer for Gresham House.
It said the acquisition was set to be executed through a scheme of arrangement under the Companies Act 2006.
The scheme document detailing the acquisition was published on 4 August, providing shareholders with the necessary information to make informed decisions regarding the offer.
On 30 August, the scheme received approval from the shareholders during the court and general meetings.
The successful outcome at those meetings was contingent on fulfilling certain conditions outlined in the scheme document.
Bidco, in a statement, expressed its strong commitment to the existing structure, strategy, and management of Gresham House.
It acknowledged the importance of the Gresham House management team and employees in ensuring the company's continued success.
Bidco said it intended to support the current management team in executing its strategy and leverage its industry experience to accelerate Gresham House's growth, including facilitating potential acquisitions in the UK and international markets.
The acquisition process still needed to be completed, pending the court's sanction of the scheme at the court hearing scheduled for 13 December.
Subsequently, the court order would be delivered to the Registrar of Companies, and the remaining conditions set out in the scheme document would either be satisfied or waived.
The scheme would become effective on 19 December if all conditions were met.
As part of the process, Gresham House shares on AIM were set to be suspended from trading at 0730 GMT on 19 December.
The cancellation of admission to trading of Gresham House shares was expected to take effect by 0700 GMT on 20 December.
At 1130 GMT, shares in Gresham House were up 1.11% at 1,097p.
Reporting by Josh White for Sharecast.com.
