Electra Partners has had its £113m (US$251m) public-to-private offer for bar chain Urbium accepted by the company’s board. Electra bid vehicle Lightflower Acquisition is offering £10.75 in cash for each Urbium share, a premium of 10% to the price offered by Regent Inns for the company that Urbium rejected in July.
Urbium chief executive Stephen Richards and finance director Steven Palmer will continue to operate the business if the offer succeeds, and will take 11.57% and 5.78% stakes in the company respectively. Lightflower has received irrevocable undertakings and letters of intent to accept the offer in respect of 29.8% of Urbium.
- Germany’s GEA Group is in exclusive talks to sell the plastics operations of Dynamit Nobel, Dynamit Nobel Kunststoff (DNK), to US private equity firm Cerberus, according to a newspaper report citing sources familiar with the matter. The deal is likely to raise around €430m (US$538m).
That was the sum GEA agreed in 2004 before it called off the sale of DKN to automotive supplier Flex-N-Gate Corp. The consideration included debt and pension obligations, because the US-based company had failed to honour its contractual obligations. GEA has confirmed that DNK is to be sold during the second half of this year. The unit, which makes plastic parts for vehicles, has annual sales of about €900m.
- Swedish-based telecommunications operator Tele2 and Apax Partners have reached a final agreement regarding the split up of Versatel Telecom International. Tele 2 is offering to acquire the Dutch and Belgian parts of the company for €1.34bn (US$1.62bn). On completion of that deal Apax will acquire Versatel’s German operations from Tele2 for €539m.