(Alliance News) - Photo-Me International PLC said Tuesday its Chief Executive Officer Serge Crasnianski has published the document with full terms and conditions for a mandatory takeover offer by the CEO's company Tibergest Pte Ltd.
The offer for the Surrey-based operator of instant-service equipment has become open for acceptances until March 8.
In mid-January, Tibergest agreed to buy 29.1 million Photo-Me shares from the Dan David Foundation, taking its total holding to 138.0 million shares, or a 37% stake, triggering a mandatory offer under UK takeover rules.
The mandatory offer is worth 75 pence per share, valuing Photo-Me's total issued share capital at GBP284.5 million.
Shares in Photo-Me were down 1.1% at 74.70 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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