John Laing Infra agrees to £1.4bn takoever by consortium

6th Aug 2018 07:47

(Sharecast News) - John Laing Infrastructure Fund said it had agreed to a takeover by a consortium of funds for £1.4bn.The company last month said it was in buyout talks with a group that included Dalmore Capital and Equitix Investment Management acting as managers on behalf of certain funds.The all-cash offer values JLIF, one of Britain's biggest listed investors in public infrastructure projects, at 142.5 pence, a premium of about 2% to the share price at the close of trade on Friday.The bidding consortium is also offering a 3.57p dividend.JLIF is an investor in £1.2bn of private and public finance schemes. Floated almost eight years ago, it was spun out of John Laing Group, the separately quoted private finance initiative developer.Chairman David MacLellan said the offer "represents an attractive premium to the undisturbed share price and to net asset value and delivers a certain cash return for our shareholders, securing early delivery of our long-term value potential"."As a result, the JLIF board has concluded that the offer is in the best interests of JLIF Shareholders and JLIF as a whole."