Photo-Me considers mandatory offer from CEO's company Tibergest

(Alliance News) - Photo-Me International PLC on Friday noted a mandatory offer made by Tibergest ...

Alliance News 21 January, 2022 | 9:56AM
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(Alliance News) - Photo-Me International PLC on Friday noted a mandatory offer made by Tibergest PTE Ltd.

Tibergest, or Bidco, is a company wholly owned by Photo-Me's chief executive officer, French entrepreneur Serge Crasnianski.

Bidco on Friday agreed to buy 29.1 million Photo-Me shares from the Dan David Foundation, taking Bidco and its associates' total holding to 138.0 million shares, or a 37% stake, triggering a mandatory offer under UK takeover rules.

The mandatory offer is worth 75 pence per share, valuing Photo-Me's total issued share capital at GBP284.5 million. The price per share is a discount of 0.8% from Thursday's closing price.

Noting the discount, Photo-Me has told shareholders to take no action while an independent committee considers the offer.

Photo-Me is a Surrey-based operator of instant-service equipment, such as photobooths and self-service laundry.

Photo-Me's share price rose by 1.0% to 76.32p in London on Friday morning.

By Elizabeth Winter; elizabethwinter@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Photo-Me International PLC 215.00 GBX 1.65 -

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