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LONDON - Kinovo plc, a specialist property services group, has confirmed the receipt of a preliminary acquisition proposal from Sureserve Limited, following recent media speculation. The potential cash offer, aimed at acquiring all issued and to be issued shares of Kinovo, is valued at 87.5 pence per share, approximately totaling £56.4 million.
The Kinovo Board has expressed that the proposed offer is of a value that they would likely recommend to shareholders, pending a formal offer under the City Code on Takeovers and Mergers. Both companies are reportedly finalizing transaction documents and are working toward a recommended offer announcement, which is yet to be confirmed.
Sureserve has until 5.00 p.m. London time on June 10, 2025, to either declare a definitive intention to make an offer in accordance with the Takeover Code or to state that it will not pursue the acquisition, at which point the statement will fall under Rule 2.8 of the Code. This deadline may be extended with the consent of the Takeover Panel.
Following the announcement, Kinovo has entered an ’Offer Period’ as defined by the Takeover Code. Shareholders are advised to be aware of the disclosure requirements stipulated by the Code during this period. Sureserve reserves the right to propose a different offer if certain conditions are met, including a lower competing bid or a Kinovo Board agreement.
The Takeover Panel’s Disclosure Table will provide details on the securities relevant to the offer period. Kinovo has confirmed that as of today, it has 63,361,315 ordinary shares in issue, with the same number of voting rights, and no shares held in treasury.
This announcement, made with the agreement and approval of Sureserve, is based on a press release statement and does not constitute an announcement of a firm intention to make an offer at this stage. Further announcements will be made when appropriate.
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