Intuitive Investments agrees to GBP600 million Acceler8 Ventures offer
Acceler8 Ventures PLC on Tuesday announced that Intuitive Investments Group PLC has accepted its all-share takeover offer.
The acquisition vehicle said Intuitive stockholders will receive 2.6797 new Acceler8 shares for each Intuitive share. This exchange ratio values the technology and life sciences-focused investor at approximately £600 million.
Shares in Intuitive were up 6.0% at 320.00 pence late on Tuesday morning in London. Acceler8 shares were up 7.5% at 279.50p each.
Acceler8 said that as a result of the acquisition, Intuitive shareholders will own around 99% and Acceler8 shareholders will hold 1.0% of the latter's enlarged share capital. It proposes the admission of its shares to the Equity Shares (Commercial Companies) category and trading on the London Stock Exchange's Main Market.
Intuitive's directors believe the acquisition "is the most efficient and effective means" to achieve an ESCC listing, and the offer currently has support from just under 46% of Intuitive shareholders.
"We are delighted to have reached agreement with AC8 on a transaction that delivers our principal strategic objective of moving to the Main Market of the London Stock Exchange," commented Intuitive Chair Nigel Rudd. "The independent IIG directors believe this represents the most effective route to broaden our shareholder base and improve access to institutional investors within an environment that more appropriately reflects the quality and scale of IIG and its operating businesses."
He continued: "We believe the combined group will be well positioned to continue the expansion of [primary Intuitive investment] Hui10's technology platforms and retailer connectivity network, while capitalising on the significant long-term opportunity presented by the adoption of its paperless transaction infrastructure within China's regulated lottery sector, creating long-term value for shareholders and wider stakeholders."
Intuitive in April had agreed to a possible reverse takeover deal with Acceler8, which also valued the company at £600 million but offered 2.6052 Acceler8 shares for each Intuitive share.
Acceler8 Chair David Williams, on Tuesday, commented: "I am pleased to announce this recommended offer for IIG, which represents a significant milestone for AC8 and is aligned with our investment focus of seeking to acquire high-growth assets in the software and technology sectors.
"The transaction presents an exciting opportunity for AC8 shareholders to participate in the next phase of IIG's development."
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