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TOP NEWS: Bidder Ups Cash Offer For McCarthy & Stone To GBP647 Million

Mon, 07th Dec 2020 09:37

(Alliance News) - Mastiff Bidco Ltd, a subsidiary of Lone Star Real Estate Fund VI, said Monday it has increased its cash takeover offer for McCarthy & Stone PLC to approximately GBP647 million in cash.

The new offer at 120p per share now values McCarthy & Stone at approximately GBP647 million, up from the prior offer of 115p that valued the retirement homes developer at GBP630 million.

The latest offer is also a 45% premium to McCarthy & Stone's share price of 83.0p per share on October 22, the last day before the offer period commenced.

Shares in McCarthy & Stone were up 2.6% at 118.80p in London in Monday morning.

Financial terms of the final offer will not be increased except in the event of a rival offer for McCarthy & Stone, in which case Mastiff Bidco has reserved the right to do so.

McCarthy & Stone's directors unanimously recommended that shareholders vote in favour of the deal.

By Anna Farley; annafarley@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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