Communisis (CMS) has received a takeover offer from customer service group OSG, valuing the company at 71p a share, representing a 40 per cent premium to the closing share price prior to the announcement.
IC TIP:
Await documents
at
71p
Communisis directors and a number of major shareholders intend to vote in favour of the deal, and OSG has irrevocable undertakings or letters of intent for roughly 43 per cent of the group’s issued share capital. But the acquisition requires 75 per cent approval to pass. The scheme document is expected to be posted to shareholders on 1 November ahead of a general meeting around 28 November. If it is passed, the deal is expected to become effective in December 2018.