Sheikh Holdings consortium improves offer for CareTech
Specialist care and education provider CareTech has received a revised takeover offer of 750p per share from the consortium led by Sheikh Holdings Group.
The consortium, which had submitted an indicative 725p share proposal on 30 March, announced its revised offer in a stock exchange announcement on 13 April.
The bidding consortium comprises Sheikh Holdings, Belgravia Investments, Kensington Capital, and funds managed by THCS IV GP SARL.
As reported by HealthInvestor UK, DBay Advisors submitted a 750p per share cash offer for CareTech on 1 April.
According to the announcement, the consortium has received irrevocable undertakings and non-binding letters of intent in respect of a total of 42,978,611 CareTech Shares representing approximately 37.9% of CareTech shares.
The deadline by which either a firm offer for CareTech, or a decision to walk away under UK Takeover Panel rules is 2 May.
Date published: April 19, 2022