Mergers and Acquistions News
Categories: IT Services & Consulting
December 10th 2008, 15:32PM
UK-based IT services firm Fayrewood has reached an agreement which will see the firm acquired by Letchworth for around £29.3 million.
Under the terms of the deal, investors will receive 126 pence per share or 98 pence and one Letchworth share.
The directors of Fayrewood have made no recommendations over which option people should choose and suggest investors seek independent advice.
Richard Templeton, chairman of Fayrewood's independent board, said: "This is the best offer for Fayrewood we have received and has been structured in such a way as to achieve our stated objective of delivering the maximum amount of cash back to Fayrewood shareholders."
The part share alternative will allow those who take it up to receive their full entitlement to any additional cash which may be released from, the remaining assets in future, he added.
Fayrewood had divested its last two trading subsidiaries, Interface Solutions International, and Systems Loans Services, earlier this year.
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