LMP Bidco, a firm established by private equity firm Lovell Minnick Partners and its affiliates, has agreed to acquire the British insurance services firm Charles Taylor for £261m ($325.4m).
Under the terms of the agreement, LMP Bidco will offer 315 pence in cash for each share to take Charles Taylor private.
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That offers represents a 34% premium to the closing price of per share of Charles Taylor on 18 September 2019.
Commenting on the deal, Charles Taylor chairman Edward Creasy said: “The Charles Taylor board is confident in the quality and long term prospects of the Charles Taylor group but believes that this offer recognises these factors and represents a good opportunity for shareholders to realise value for their investment at an attractive premium.
“As a private company with Lovell Minnick’s backing, I believe Charles Taylor will continue to capitalise on opportunities in its markets and ensure the future success of Charles Taylor for employees, partners and clients.”
Rothschild & Co is advising Charles Taylor on the deal.
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By GlobalDataCharles Taylor provides management, adjusting as well as insurance support services across 30 countries in the UK, the Americas, Europe, Asia Pacific, the Middle East and Africa.
