Ten Entertainment Group PLC - Bedford, England-headquartered a ten-pin bowling operator - Receives court sanction for acquisition of its share capital by Neon Buyer Ltd, a business and industrial developoment company owned by funds advised by Trive Capital Partners LP. On December 6, the two companies reached a an agreement on the acquisition, which is being implemented via a court-sanctioned scheme of arrangement. According to the December agreement, Neon Buyer wil pay 412.5 pence per Ten Entertainment share, a 33% premium to its 310p closing price on December 5. On January 11, the requisite majority of Ten Entertainment shareholders voted to approve the deal which, following Friday's court approval, is expected to become effective on January 23.
Applications have been made for Ten Entertainment's shares to be suspended, and subsequently cancelled, from trading on the main market of the London Stock Exchange. The suspension is expected to take effect at 7am on January 23.
Current stock price: 411.00 pence each, down 0.2% in London on Friday afternoon.
12-month change: up 47%
By Hugh Cameron, Alliance News reporter
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