Private Equity Snaps up Sigma today - Take Over Bid11 Jun 2021 14:10
I see activity with Takeover Bid for Sigma today, the buy to rent residential specialist. I would not be surprised if Watkin Jones is being sized up for a Takeover Bid. The Watkins family are no longer big majority shareholders & they got little interest in running the business. Buy to rent has huge growth & underpinned by cash cow earnings from student accommodation lets. See below for Sigma details:
Aim-listed Sigma Capital Group, a residential development and urban regeneration property specialist, said on Friday it had agreed a £188m offer to take the company into private equity hands.
Shares in the company soared 34.6% to 200.5p after its board announced in a filing to London Stock Exchange it had agreed terms on the recommended offer by private equity firm PineBridge Benson Elliot of 202.1p a share, which values Sigma at £188.4m.
The 202.1p offer price represented a 35.6% rise over Thursday's closing price, the day before the agreement was announced, and a 37.1% premium over the weighted average share price of 147.5p over the three months to 10 June.
Sigma said that as part of a strategic review it was exploring ways of funding its future growth and decided a private sale would bring the best combination of growth opportunities and value for shareholders.