UK's Gresham House hits record high on Searchlight Capital's $615 mln bid
17/07/2023 08:08
** Shares of Gresham House Plc GHE.L rise as much as 57%
to a record high of 1,065p
** U.S.-based investment firm Searchlight Capital Partners
says it will buy the British alternative asset manager for 469.8
mln pounds ($614.9 mln)
** Under terms of deal, Gresham's shareholders will get
1,105p in cash for each share held, which represents a premium
of 62.5% to the stock's last closing price
** Searchlight says Gresham's directors intend to recommend
shareholders vote in favour of the deal
** As of last close, stock has fallen about 10% YTD
($1 = 0.7641 pounds)
(Reporting by Aby Jose Koilparambil in Bengaluru)
((abyjose.koilparambil@thomsonreuters.com))