(Alliance News) - Gresham House PLC on Wednesday said its takeover by Searchlight Capital Partners LP received court approval.
In July, the specialist alternative asset manager reached an agreement regarding a final cash offer for its entire issued and to be issued share capital. The offer came from Seed Bidco Ltd, a company controlled by funds advised by US-based private equity and debt investor Searchlight.
The buyout, worth around GBP470.0 million, received approval from Gresham shareholders in August, and from the UK Financial Conduct Authority in October.
The scheme has now been sanctioned by the UK High Court and will become effective upon the delivery of the court order to the Registrar of Companies, expected to be done on Tuesday. Gresham House shares will be suspended on that day, before being cancelled a day later.
Gresham House shares were up 0.5% at 1,100.00 pence each in London on Wednesday afternoon.
By Hugh Cameron, Alliance News reporter
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