Inspired urges shareholders to accept unconditional HGGC takeover bid

(Alliance News) - Inspired PLC on Friday urged shareholders to accept a takeover bid from private equity firm HGGC as the offer became unconditional.

Palo Alto, California-based HGGC said that as of Thursday, the acceptance level for its offer had risen to 63.72% of Inspired shares, including letters of intent to vote for the offer from shareholders with a collective 60.29% stake.

Additionally, HGGC has acceptances for 72.88% of Inspired warrants and 100% of conditional loan notes.

Kirkham, Lancashire-based Inspired agreed with the US firm to waive down the acceptance level to 51.3% from the initial 64.03%, since HGGC is acquiring additional dilutive securities. The deal still requires a minimum 75% approval vote to proceed.

Therefore as of Friday, the consortium led by HGGC is Inspired's controlling shareholder and its takeover offer for the energy and sustainability advisor is unconditional.

The offer itself is for 81 pence per diluted share, valuing Inspired at GBP183.6 million in total. It has edged out a rival approach from one of Inspired's largest shareholders, Regent Acquisitions Ltd.

The London-based owner of gas and infrastructure companies holds 29.36% of Inspired. Regent accepted HGGC's bid on Monday, after allowing its own offer to lapse, ending a bidding war that stretches back to April. Regent's final bid was 18% lower than its rival at 68.5p per share. Still, the firm's Chief Executive Deep Valecha said it had succeeded "as a catalyst in driving a meaningful revaluation" of Inspired, whose share price hit a 12-month low of 34p back in November.

Inspired shares traded down 0.4% at 80.20p on Friday morning in London, and have risen 15% in the last 12 months.

Both HGGC and Inspired urged shareholders who have not yet accepted the offer to do so. The energy firm pointed out that HGGC will request Inspired's cancellation from trading once it has voting approval for the deal, which "would significantly reduce the liquidity and marketability" of any shares which had not accepted the offer.

Inspired advised shareholders to submit acceptances "so that they can receive their cash consideration as soon as possible". The offer period has closed, but HGGC said it will be open to acceptances "until further notice".

By Holly Munks, Alliance News reporter

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