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Bids, Mergers and Takeovers

Fidelity to make all cash offer for Colt

19 June 2015 08:06

FMR and FIL (together, "Fidelity") have announced their intention to make an all cash final offer through Lightning Investors to acquire the issued and to be issued share capital of Colt Group not currently owned by Fidelity.

Under the terms of the offer, Colt shareholders will be entitled to receive 190p in cash for each Colt Share held. It says this price will not be increased.

The offer values the entire issued and to be issued share capital of Colt at approximately £1,720.3m.

Fidelity has stated that it is a committed and long term investor and will not sell or take any other steps to dispose of its Colt Shares to any third party before the end of next year.

Cyrus Jilla, President of Eight Roads, the proprietary investment arm of Fidelity International (FIL), said: "As founders and majority shareholders of Colt, Fidelity is pleased to announce the continuation of its commitment to the business through returning the group to private ownership.

"We typically hold our proprietary investments outside the financial services industry, such as Colt, in the private domain. This transaction allows us to hold our investment in Colt consistent with this strategy while providing an attractive and certain value for the current Colt independent shareholders."

At 8:06am: (LON:COLT) COLT Telecom Group SA share price was +31.05p at 187.75p

Story provided by StockMarketWire.com

Related Company: COLT

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