Investment group Atlas Holdings is snapping up UK banknote maker De La Rue in a £263m deal.
De La Rue said on Tuesday that its directors “intend to recommend unanimously” that shareholders vote to accept the deal.
The 130 pence per share all-cash deal was at a 16% premium to De La Rue’s closing price on Monday, and has been recommended by the company’s board as “fair and reasonable”.
Atlas Holdings is headquartered in Greenwich, Connecticut and owns London-based graphic and creative services agency ASG and Bovis, a British construction services group.
De La Rue, which printed the new King Charles’ currency notes in the UK, also received a takeover proposal from a consortium of British financier Edi Truell’s companies in January after which it launched a formal sale process.
De La Rue Chief Executive Clive Vacher said: “Atlas is the right partner to take De La Rue into its next phase of growth. Most importantly, under Atlas’s ownership we can ensure long-term stability for our customers and our people, and best position the business for its next chapter.”
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