Inspecs shares jump on £85.4m bid from Risk Capital, Ian Livingstone

(Sharecast News) - Shares in Inspecs surged on Wednesday after the eyewear maker said it had accepted a bid from private equity house Risk Capital and property developer Ian Livingstone, valuing the company at around £85.4m.

The consortium has offered 84p a share, a107.41% premium to Inspecs' closing price of 40.5 pence on October 22 when the approach was first made.

Inspecs said its board had unanimously recommended the acquisition, with directors controlling a combined 19% of the company had committed to vote in favour of the deal.

Livingstone co-founded London & Regional Group, a global portfolio of commercial real estate and hospitality assets worth more than £10bn.

Risk capital was established by Luke Johnson who has served as chairman of PizzaExpress during its rapid expansion in the 1990s and the Gail's Bakeries chain.

Reporting by Frank Prenesti for Sharecast.com