Shareholders speaking for 53% of the share capital of Inspicio have accepted the offer from 3i. This valued the testing and inspection business at £229m (US$470m), or 225p a share.
When the proposal was set out on December 13, 20.2% of shareholders gave irrevocable backing to accept the offer. The bid came at a 17.8% premium to the 191p price on October 11 when the support services group said it was first in talks.
Chief executive Mark Silver and finance director Richard McBride are leading the buyout with support from chairman Keith Tozzi. Silver and McBride will reinvest all their profits from the company sale back in the bid vehicle.
In total 3i’s bidding vehicle now has valid acceptances representing 76.7% of Inspicio shares. The offer has been extended until January 17.
Rothschild advised 3i with JPMorgan Cazenove acting as broker. Citi acted for Inspicio in both capacities and Kaupthing Singer & Friedlander provided a rule 3 fairness opinion to the board. Landsbanki and Altium also advised Inspicio.