© Reuters
(Reuters) -Britain’s Marlowe Plc on Thursday made public its offer to take over Restore Plc for about 743 million pounds ($1.02 billion), after repeated rejections from the office services provider’s board in the past few weeks.
Under the 530-pence-per-share proposal, Marlowe said 71 pence would be paid in cash for each share and the remainder would be given as new Marlowe shares. Restore shareholders would own roughly 49% of the combined group, it added.
Marlowe is known to acquire businesses and develop them to complement its operations. It bought Core Stream this week and in June acquired CQC Compliance. Restore’s document management and relocation services would aid Marlowe’s corporate units.
“Marlowe and Restore share the same corporate DNA and channels to market, and we believe that bringing our businesses together will create a leading business-critical services group,” Marlowe Chief Executive Officer Alex Dacre said.
This is the second proposal that London-listed Marlowe has made to Restore, representing a premium of 26% to Restore’s closing price of 420 pence on Wednesday.
Shares of Restore jumped about 14% in early trading to 480 pence but were well short of the offer price.
($1 = 0.7285 pounds)
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