LONDON (Alliance News) - Escher Group Holdings PLC said on Friday that investment vehicle Exeter Acquisition Ltd has closed the offer to wholly acquire the software company, following the offer being made unconditional in all aspects near the end of March.
On Thursday, Exeter Acquisition received valid acceptances for the offer in respect of 18.9 million shares, representing 99% of Escher's issued share capital.
As a result Escher expects the cancellation of its shares on AIM to take place on May 25.
In February, Escher Group agreed to be acquired by Hanover Active Equity Fund LP in a GBP35.3 million deal, after it made a 185 pence per share bid for the postal services firm.
Hanover Active Equity Fund - acting through wholly-owned subsidiary Exeter Acquisition Ltd - already held 4.8 million shares or a 25.5% stake in Escher.
The deal would see Hanover pay 185 pence per share for the outstanding shares, valuing Escher at GBP34.8 million and GBP35.3 million on a fully-diluted basis.
Shares in Escher Group Holdings were untraded on Friday , last quoted at 184.00 pence.
