Huntsworth’s (HNT) results for 2019 were somewhat obscured by the news that it had received – and recommended – a £400m takeover offer from Clayton, Dubilier and Rice.
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109.5p
Based on the terms of the private-equity firm’s offer, Huntsworth investors would receive 108p a share – representing a premium of about 50 per cent to the prior day’s closing price. The group’s market value soared in response.
Huntsworth’s suitor has already received irrevocable commitments and letters of intent to vote in favour of the transaction representing 36.7 per cent of the group’s existing issued share capital.
The enterprise value implied by the offer is a multiple of about 10.8 times Huntsworth’s adjusted cash profits of £48.4m for 2019.
