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LONDON (Alliance News) - Peter Jones, the Dragon's Den star in the process of acquiring Expansys PLC, has again upped his offer for the remaining shares he does not own in the AIM-listed online smartphone and laptop seller.
Jones, who is making the acquisition through PDJ Bidco Ltd, is now offering 0.65 pence for each share he doesn't already own in the company, valuing Expansys at GBP7.6 million. PDJ Bidco said the latest offer is, "full and final and will not be increased."
After the first offer Expansys said, "The independent directors will consider the mandatory offer and will provide further advice to shareholders in due course. In the meantime, Expansys shareholders should take no action in relation to the mandatory offer."
When the improved 0.62 pence offer was made, Expansys said its independent directors intended to recommend unanimously the offer to shareholders.
The offer marks the second time Jones has increased his offer, after he upped his original 0.54 pence to 0.62 pence on February 12.
Jones originally moved to acquire Expansys, a company he chairs, in mid-January, when he acquired 110.3 million shares from a large institutional shareholder at 0.525 pence a share, thereby upping his stake to 50.92% from 41.43%. Under takeover rules, he was obliged to make an offer for the rest of the shares. His stake with parties deemed to be acting in concert with him have a 53.16% stake in Expansys.
Neither WH Ireland, PDJ Bidco's advising broker, nor N+1 Singer, Expansys' financial adviser, nominated adviser and broker, were immediately available for comment.
Expansys shares were Thursday quoted at 0.620 pence, up 0.8%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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