Equity firm in takeover bid values Murgitroyd at £61m
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Ian Murgitroyd
IP attorney firm Murgitroyd has received a takeover bid from Sovereign Capital Partners, the London-based private equity firm.
Murgitroyd said the offer valued the firm at about £61 million and the stake of chairman Ian Murgitroyd at about £16m.
The Glasgow company said negotiations were at a late stage over the potential deal in a statement to the London Stock Exchange.
The bid put the shares at 675p and the proposal assumes that the dividend of 15p per share, announced recently, will be paid to shareholders.
Earlier this year Helga Chapman and Willie MacDiarmid joined the board as non-executive directors and the latter took on the role of deputy chairman.
The firm said: “The board of Murgitroyd notes the recent movement in the company’s share price and confirms that it is in advanced discussions in relation to an indicative proposal received from Sovereign Capital Partners LLP to acquire the entire [company] and to be issued share capital of Murgitroyd at a price of 675 pence in cash.”
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