Charles Taylor agrees higher takeover offer from Lovell Minnick

(Sharecast News) - Charles Taylor has agreed an increased takeover offer from US private equity firm Lovell Minnick Partners.
The company announced in September that it had agreed an offer of 315p a share with Lovell. However, Charles Taylor said on Friday that since that first offer, it had received a renewed approach from a party with whom it had held previous discussions, which would have been at a higher price.

As a result, Lovell upped its bid to 345p a share. Shareholders will also still be entitled to retain the interim dividend of 3.65p a share without any consequential reduction in the officer price.

The increased offer represents a premium of about 46.8% to the closing share price of Charles Taylor on 18 September and values the company at around £285m.

At 0950 GMT, the shares were up 10% at 350.10p.