M&A Advisory – Take Private acting for MBO Offeror
Transaction: The management team and founder shareholders of Morson engaged SPARK to take the business private from AIM in early 2012.
The deal required:
- Takeover panel approvals and
- The support of other shareholders
SPARK assisted the management team raising £60m of leverage and negotiated with shareholders and the Company’s bankers to close the transaction within the timing constraints of a public offer timetable.
The deal was successfully concluded despite objections from other significant minority shareholders.
MBO private transactions are often objected to by shareholder groups, and as a result require significant negotiations with both shareholders and transaction funders to bring to a conclusion.
The SPARK team were able to deploy their significant takeover code knowledge, debt advisory expertise and M&A negotiating skills in dealing with dissenting shareholders to close the transaction at an attractive price and deliver full control of the company to its management and founders.