EventsEventsPodcasts
Loader

Find Us

ADVERTISEMENT

UK funeral service provider Dignity agrees to $349 million takeover deal

UK funeral service provider Dignity agrees to $349 million takeover deal
Copyright 
By Reuters
Share this articleComments
Share this articleClose Button

- Dignity Plc said on Monday it would be acquired by a consortium comprising investment firms SPWOne V Ltd, Castelnau Group and Phoenix Asset Management Partners, valuing the funeral services provider at 281 million pounds ($349 million).

The 550 pence-per-share cash offer represents a premium of 29.3% to the Jan. 3 closing price of 425.5 pence, the last business day before the start of the offer period.

The consortium, which already owned or controlled about 29% of stake in Dignity, said in a joint statement that the funeral service provider will get significant investment under a private ownership and provide the financial muscle to look at acquisitions.

The deal includes the option for Dignity shareholders to stay invested in the company through an unlisted share alternative in Valderrama, an indirect parent company of bidding company Yellow (SPC) Bidco Ltd, or a listed share alternative in Castelnau.

Earlier this month, Dignity had said it was in advanced talks with the consortium after getting unsolicited buyout proposals from the same group in October and November.

($1 = 0.8052 pounds)

Share this articleComments

You might also like

Latest news bulletin | June 15th – Morning

Senior WFP official warns of 'catastrophe' in southern Gaza as conflict continues

Hosts Germany thrash Scotland 5- 1 in Euro 2024 opener