EU and US could reach trade deal this weekend - Reuters
LONDON - Mitie Treasury Management Limited (Bidco), a wholly owned subsidiary of Mitie Group (LON:MTO) PLC, has satisfied key regulatory conditions for its proposed acquisition of Marlowe PLC, according to a statement released Thursday.
The UK National Security Condition has now been met, following the earlier satisfaction of the Irish Foreign Direct Investment Condition on June 25. The acquisition still requires court sanction and fulfillment of remaining conditions outlined in the scheme document.
The Court Sanction Hearing is scheduled for July 31, with the scheme expected to become effective on August 4, subject to court approval and satisfaction of other conditions.
The acquisition, announced on June 5, involves a recommended cash and share offer for Marlowe’s entire issued and to-be-issued ordinary share capital. Marlowe shareholders approved the scheme at meetings held on July 16.
For shareholders participating in the Mix and Match Facility, the deadline for receipt of elections is 1:00 p.m. on July 24.
The timetable indicates that dealings in Marlowe shares on AIM will be suspended by 7:30 a.m. on August 4, with cancellation of the AIM listing expected by 7:00 a.m. on August 5.
New Mitie shares are scheduled to be issued to Marlowe shareholders and admitted for trading on the London Stock Exchange (LON:LSEG) by 8:00 a.m. on August 5.
Cash consideration and share certificates are expected to be distributed by August 18, according to the statement.
The acquisition has a long stop date of December 31, 2025, by which time the scheme must become effective, though this date could be extended with appropriate approvals.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.