Under the terms of the deal, MMGG is offering GBP0.
Back in May, MMGG invoked as reason for its plan to take Morson private, the high volatility of the shares since their admission to trade in 2006, despite the good results during this period.
To date MMGG
has received irrevocable undertakings to accept or procure acceptance of the offer in respect of a total of 26,014,380 Morson shares, representing 57.
Country: UKSector: Business and Consumer ServicesTarget: Morson Group PlcBuyer: MMGG
Acquisition LimitedType: MBO, P2PFinancing: Existing resources, DebtStatus: Agreed, BiddingComment: The offer values the target at USD36m
In May 2012, MMGG announced a recommended cash bid to buy Morson for GBP0.
MMGG also noted it had reduced the percentage required to meet the acceptance condition to 75%.
At reaching acceptance for Morson shares carrying 75% of the voting rights, MMGG will proceed to delist the company, it said, invoking high volatility of the shares since their admission to trade in 2006, despite the good results during this period.
If it wins sufficient acceptance, MMGG will buy compulsorily any remaining Morson shares, it said.