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 57.37% of the company's issued share capital.
MMGG said it plans to exercise its rights to purchase compulsorily the rest of the Morson shares.
Under the terms of the deal, MMGG is offering GBP0.50 (USD0.78/EUR0.64) per share in cash and also provides a loan note alternative.
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.
MMGG, whose owners controlled around 46.78% in Morson before the buyout, said it had reached an ownership level of some 80.71% by 16 July.
Morson,focused on human capital resourcing, acts as an employment business and a recruitment agency, providing technical personnel for engineering management and design consultancy.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 GBP0.50 (USD0.78/EUR0.63) a share, with a loan note alternative.
MMGG also noted it had reduced the percentage required to meet the acceptance condition to 75%.
MMGG, whose owners control around 46.78% in Morson, said it had already secured pledges for 57.37% of the targeta[euro](tm)s capital.
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.