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Lone Star bumps up offer for McCarthy & Stone
7th Dec 2020 10:46
(Sharecast News) - Lone Star has sweetened its bid for London-listed retirement housebuilder McCarthy & stone.
The US private equity firm has upped its offer to 120p a share from 115p in October.
The offer price, which is a 44.6% premium to the McCarthy closing share price on 22 October, before the initial offer was made, values the company at around £647m.
McCarthy said its directors consider the terms of the final offer to be "fair and reasonable" and unanimously recommend that shareholders vote in favour of the deal. A general meeting is scheduled to take place later in the day.
At 1235 GMT, the shares were up 2.8% at 119.00p.
The US private equity firm has upped its offer to 120p a share from 115p in October.
The offer price, which is a 44.6% premium to the McCarthy closing share price on 22 October, before the initial offer was made, values the company at around £647m.
McCarthy said its directors consider the terms of the final offer to be "fair and reasonable" and unanimously recommend that shareholders vote in favour of the deal. A general meeting is scheduled to take place later in the day.
At 1235 GMT, the shares were up 2.8% at 119.00p.