ScS Group PLC - Sunderland, England-based furniture seller - Receives court sanction for its proposed acquisition by Poltronesofa SpA. In December, the scheme was approved by a requisite majority of ScS shareholders. Poltronesofa wants to enter the UK market as part of its plan for pan-European expansion, ScS explained in its October announcement of the proposed scheme. Per the original agreement, ScS shareholders will receive 270p in cash for 280p per share in total, valuing ScS equity at GBP99.4 million.
The scheme remains conditional on the delivery of a copy of the court order to the registrar of companies, expected to take place on January 30. Applications have been made for the suspension of ScS shares from the London Stock Exchange main market. ScS expects this to take effect on January 30.
Current stock price: 269.00 pence each, up 0.4% in London on Friday afternoon.
12-month change: up 27%
By Hugh Cameron, Alliance News reporter
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