Frenkel Topping in advanced takeover talks with PE firm Harwood

(Sharecast News) - Frenkel Topping said on Monday that it was in advanced discussions with private equity firm Harwood about a possible takeover offer.

Under the terms of the possible offer, Frenkel shareholders would receive 50p per share in cash. Alternatively, they would be entitled to 10p in cash, 6p in loan notes, 1p in ordinary shares and 33p in preference shares.

Shareholders would also remain entitled to receive the proposed final dividend for the year ended 31 December 2024 of 1.375p per share.

The price represents at 19.5% premium to Frenkel's mid-market closing share price on Friday.

AIM-listed Frenkel Topping said: "Proceeding with the possible offer is conditional on Harwood completing its requisite due diligence exercise, although Harwood reserves the right to waive such pre-condition."

Under UK takeover rules, Harwood has until 30 June to either make a formal offer for Frenkel or walk away.

At 1230 BST, Frenkel shares were up 15% at 49.44p.

Frenkel Topping