LMP Bidco, a firm established by private equity firm Lovell Minnick Partners and its affiliates, has agreed to acquire the British insurance services firm Charles Taylor for £261m ($325.4m).
Under the terms of the agreement, LMP Bidco will offer 315 pence in cash for each share to take Charles Taylor private.
Go deeper with GlobalData
That offers represents a 34% premium to the closing price of per share of Charles Taylor on 18 September 2019.
Commenting on the deal, Charles Taylor chairman Edward Creasy said: “The Charles Taylor board is confident in the quality and long term prospects of the Charles Taylor group but believes that this offer recognises these factors and represents a good opportunity for shareholders to realise value for their investment at an attractive premium.
“As a private company with Lovell Minnick’s backing, I believe Charles Taylor will continue to capitalise on opportunities in its markets and ensure the future success of Charles Taylor for employees, partners and clients.”
Rothschild & Co is advising Charles Taylor on the deal.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataCharles Taylor provides management, adjusting as well as insurance support services across 30 countries in the UK, the Americas, Europe, Asia Pacific, the Middle East and Africa.
