DBay Advisors puts in offer for CareTech

International asset management firm DBay Advisors has entered a bid for social care and education services provider CareTech by tabling an all-cash offer 750 per share.

DBay confirmed that it has acquired just over two million CareTech shares in total equivalent to approximately 1.8% of CareTech’s issued share capital. The highest price paid was 710p per share.

Last month Sheikh Holdings Group, the family office of the Sheikh brothers, formed a consortium comprising Sheikh Holdings, Belgravia Investments, Kensington Capital, and funds managed by THCS IV GP SARL and offered 725p per share for CareTech, which  the company’s independent directors indicating they were inclined towards recommending at that price.

That offer was an improvement on an initial proposal of 710p in cash for each ordinary share, offered on 22 March.

DBay is headquartered in Douglas, Isle of Man and London.

Date published: April 4, 2022

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