Majority shareholders Riley and Toscafund, as well as private equity group Penta Capital, form consortium with the possibility of taking firm private
Daisy Group has said it has received a preliminary takeover approach led by its CEO Matthew Riley and asset manager Toscafund, its two largest shareholders.
The voice and data services company said that on July 27 it received an approach from Toscafund on behalf of the consortium regarding a cash offer for Daisy at 190p per share, which would value the company at close to £500 million.
Toscafund holds a 28.5 per cent share in Daisy, while Riley owns 23 per cent. Private equity group Penta Capital is also part of the consortium.
Daisy said the announcement is not one of a “firm intention to make an offer and, accordingly, there can be no certainty of an offer being made for Daisy by Toscafund, Penta and/or Matthew Riley, nor as to the terms of any offer.”
The consortium now has until 5pm on September 10 to either announce whether it intends to make an offer for the business or not.
Daisy was founded by Riley in 2001, before it began floating on the stock market in 2009.
In its most recent financial results for the 12 months ending March 31, 2014, the company reported a £1.2 million yearly increase in revenue to £352.7 million, while gross profit rose by £9.6 million to £129.7 million.