(Alliance News) - Harwood Capital LLP on Friday said it is in the preliminary stages of evaluating a possible takeover offer for Palma, Spain-based superyacht painting, supply and maintenance company GYG PLC.
GYG shares closed up 4.2% in London on Friday at 87.00 pence each, giving it a market capitalisation of GBP40.8 million. The stock is up 25% so far in 2021.
Harwood Capital said the possible offer price under consideration is 92.5p per share in cash. The possible offer price represents a premium of 11% to the closing middle market price of 83.5p per share on Thursday, being the latest date prior to the takeover announcement.
Client funds managed and advised by Harwood Capital currently hold 9.6 million shares, representing 21% stake in GYG.
In addition, Harwood Capital said GYG's largest shareholder Lombard Odier Asset Management (Europe) Ltd, which holds 12.5 million GYG shares, representing 27% stake, has supported the offer and agreed to vote in favour if it goes ahead. Accordingly, Harwood Capital has obtained potential acceptances for 22.1 million shares, representing 48% stake in GYG.
Harwood Capital has until May 7 to either announce a firm intention to make an offer for GYG or announce that it does not intend to make an offer.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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