HeadFirst to buy Impellam for £483.2m

13th Dec 2023 09:07

(Sharecast News) - Impellam said on Wednesday that it has agreed to be bought by HeadFirst for around £483.2m.

Under the terms of the offer, Impellam shareholders will be entitled to receive 557.2p per share in cash and 392.8p in principal amount of loan notes.

In addition, shareholders will be entitled to the 55.9p dividend declared in November, and two further dividends totalling 78.5p which the company has not yet declared. The total amounts to 1,084.4p per share.

Impellam chairman Lord Ashcroft said: "On completion of the acquisition, not only will significant value have been created for Impellam shareholders, but the combined strengths of Impellam and HeadFirst will create a market leading, more digitally enabled, diverse service offering with increased geographic reach which will benefit all our global colleagues, customers, candidates and suppliers.

"Impellam shareholders will also stand to benefit from future returns attached to the non-convertible loan notes, which have a potential yield in excess of 20%, and the convertible loan notes, which may also convert into equity and allow Impellam shareholders to access any equity upside created by the combination."

At 0905 GMT, the shares were up 21% at 790p.