(Alliance News) - Charles Taylor On Thursday confirmed that a potential competitor for the takeover of the insurer has withdrawn, following an increased offer from US private equity firm Lovell Minnick Partners LLC.
On Friday last week, Lovell offered 345 pence for each share in Charles Taylor, reflecting a premium of 9.5% to the original offer price of 315p, and 47% to the closing price of the day before the original offer was announced at 235p.
The increased offer values Charles Taylor's issued share capital at GBP285 million.
As a result, the unnamed competitor had been given until 1700 GMT on Friday to make a firm offer for Charles Taylor, or confirm that it will not make such an offer.
Charles Taylor confirmed that the competitor has withdrawn its intent to make an offer for the company.
Shares in Charles Taylor closed down 0.8% at 350.37 pence on Thursday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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