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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:

  • Funding
  • Structuring
  • 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.