(Alliance News) - TalkTalk Telecom Group PLC's GBP1.11 billion takeover by Tosca Iom Ltd could be sealed by mid-March, the FTSE 250-listed telecommunications firm said on Friday.
TalkTalk agreed to the deal back in December. Tosca IOM is a new takeover vehicle formed by asset manager Toscafund Asset Management LLP and Penta Capital LLP. Toscafund holds roughly a 29% stake in TalkTalk.
Court and general meetings to approve the bid are penned for March 1. Should the takeover approach be backed, TalkTalk expects its shares to be suspended on March 12 and then cancelled the subsequent Monday.
The acquisition is conditional on gaining at least 75% in shareholder approval at both the scheme meeting and court meeting, as well as being sanctioned by the court.
Under the acquisition's terms, Tosca IOM will acquire TalkTalk Telecom for 97 pence per share.
TalkTalk shares were 0.1% lower at 96.95p each in London on Friday morning.
By Eric Cunha; ericcunha@alliancenews.com
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