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LONDON - Empresaria Group plc (AIM:EMR), an international specialist staffing firm, disclosed Wednesday that it has received an unsolicited preliminary proposal for a takeover. The potential offer, from a consortium led by Peter Gregory, Nigel Marsh, and Ashok Vithlani, aims to acquire all issued and to-be-issued shares of Empresaria.
The indicative offer, still contingent on funding confirmation and due diligence, proposes 10 pence in cash per ordinary share and 50 pence nominal per share in unsecured loan notes, redeemable after three years with a 2.6% annual interest rate.
Empresaria’s board, after evaluation with advisors, believes the offer substantially undervalues the company and its future prospects. This stance is supported by third-party valuations and the board’s understanding of the market, suggesting a higher breakup value for the group’s operations. The board referenced recent industry transactions, like Teleperformance (EPA:TEPRF)’s acquisition of PSG Global, hinting that Empresaria’s Offshore Services division could be worth more than the entire group’s current valuation.
Despite the board’s position, the company’s two largest shareholders have urged the board to consider options that could realize value for shareholders. Consequently, the board has publicized the possible offer details to facilitate discussions.
The consortium must declare by 5.00 p.m. on June 4, 2025, whether it intends to formalize the offer under the City Code on Takeovers and Mergers or withdraw, triggering an ’Offer Period’ for the company.
Shareholders have been advised to refrain from taking action at this time regarding the potential offer. Further announcements will be made as necessary, based on this statement released by Empresaria without the consortium’s consent.
This news is based on a press release statement and does not constitute an endorsement of the offer or its terms.
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