Pearson, the owner of Investors Chronicle, made an all-cash bid for Melorio on Wednesday, valuing the training provider at £88m and providing the opportunity for a tidy 50 per cent profit for readers that followed our buy tip (.
220p
The 225p a share deal is a 31.2 per cent premium to Melorio's closing share price on 17 May, the last business day prior to the commencement of the offer period, and has been recommended by management to shareholders. So far Pearson has received irrevocable undertakings from approximately 49.9 per cent of investors.