Sheikh Holdings consortium ups bid for CareTech Holdings

The sibling founders of specialist social care and education services provider CareTech Holdings has presented a nonbinding offer valuing the company at about £821.7 million, MarketWatch has reported.

On 7 March, Sheikh Holdings Group, the family office of the Sheikh brothers, said it was in the early stages of forming a consortium to make a possible takeover offer for CareTech.

The social care and education services provider confirmed it has received a proposal from the consortium including an indicative offer of 725p in cash for each ordinary CareTech share, with the independent directors indicating they are leaning towards recommending the offer at that price. This is an improvement on the initial proposal of 710p in cash for each ordinary share, offered on 22 March.

The bidding consortium comprises Sheikh Holdings, Belgravia Investments, Kensington Capital, and funds managed by THCS IV GP SARL.

The deadline by which either a firm offer for CareTech, or a decision to walk away under UK Takeover Panel rules has been extended to 2 May.

Date published: April 1, 2022

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