UK's Alpha Financial Markets in favour of Bridgepoint takeover proposal (updated)
19/06/2024 12:52
(Add shares in paragraph 2, details in paragraphs 3-5)
June 19 (Reuters) - British consultancy firm Alpha
Financial Markets Consulting AFM.L said on Wednesday its
independent directors plan to recommend Bridgepoint's BPTB.L
nearly 578 million pounds takeover proposal, if the private
equity firm makes a formal offer.
Shares in Alpha FMC jumped 23% to 481 pence by 1141 GMT.
The proposed price of 505 pence per share in cash
represents a premium of about 51% to Alpha's closing price on
April 30, the day before the company first made Bridgepoint's
interest public.
Alpha, which has about 1,000 consultants globally, had also
garnered interest from private equity firm Cinven Limited
regarding a possible offer earlier in May, which was withdrawn
later in the month.
Alpha first confirmed Bridgepoint's
proposal
in May. The private equity firm has until June 20 to make a
firm offer or walk away.
(Reporting by DhanushVignesh Babu in Bengaluru; Editing by
Savio D'Souza and Nivedita Bhattacharjee)
((DhanushVignesh.Babu@thomsonreuters.com;))