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Altrad agrees cash offer for Cape

07 July 2017 09:41

Altrad UK - a wholly-owned subsidiary of Altrad Investment Authority SAS - has agreed a recommend cash offer for Cape.

The 265p per share offer represents a premium of around 46.2% to last night's closing price of 181p and values Cape at up to approximately £332.3m.

Altrad Group chairman Mohed Altrad said: "We are very pleased to announce this proposed acquisition that is fully aligned with our growth strategy, to become the world leader in the provision of industrial services, scaffolding solutions and light construction equipment in the civil and industrial sectors.

"Altrad and Cape have strong complementarity in geographic and product mix enabling the creation of a multi-disciplinary industrial services leader in key markets around the world.

"We believe the proposed acquisition can bring together our respective strengths to create a powerful global platform with a strong competitive edge to meet customers' requirements."

Cape chairman Tim Eggar said: "On behalf of the Cape board, I am pleased to announce Altrad's recommended cash offer to our shareholders.

"Under the leadership of its current management team, Cape has made significant strategic, operational and financial progress, and despite a more challenging year anticipated in 2018, the Cape Board has confidence in Cape's future prospects.

"However, we believe that the Offer from Altrad represents fair and reasonable value in cash today for Cape shareholders recognising Cape's prospects and growth potential.

"Furthermore, we believe that Cape's employees, customers and other stakeholders, including the IDC Scheme, will benefit from the stability and significant opportunities provided by a combination with Altrad.

"Taking these factors into consideration, the Cape board unanimously intends to recommend that Cape Shareholders accept the offer."

At 9:41am:

(LON:CIU) Cape PLC share price was +82.88p at 264.13p

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