Eleco accepts a cash takeover offer at a 75% premium
Eleco’s ($ELCO) board recommended a cash offer from Avocet Bidco, an acquisition vehicle backed by Accel-KKR, at 235 pence per share. The proposal values the company’s equity at approximately £207.6 million and its enterprise value at £192.4 million. The offer price represents a 74.7% premium to the reference closing share price of 134.5 pence. The transaction would place the construction-software business under private ownership if the proposed scheme of arrangement is completed. Irrevocable co
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