Bowling venue operator Ten Entertainment's shares soar on $362 mln buyout deal (updated)
06/12/2023 08:43
(Adds details in paragraph 2,5)
Dec 6 (Reuters) - Shares of UK's Ten Entertainment
TEG.L soared 31% to a record-high on Wednesday after the
bowling venue operator agreed to a 287 million pound ($361.53
million) buyout deal from U.S. private equity firm Trive
Capital.
The company's shareholders will receive 412.5 pence in cash
for each share held, which represents a premium of about 33% to
the stock's last closing price.
Directors intend to recommend shareholders vote in favour of
the deal, Ten Entertainment said in a statement.
The London-listed firm's shares, a component of the FTSE
small-cap index .FTSC , were up to 408 pence in early trading
and set for the biggest one-day percentage gain ever, if the
trends hold.
Ten Entertainment, which went public in 2017 and operates
around 52 centres in the UK, has seen growth in sales amid a
surge in post-pandemic demand for in-person leisure experiences.
Shares of peer Hollywood Bowl were also up 4.8% on the
day.
($1 = 0.7938 pounds)
(Reporting by Eva Mathews in Bengaluru; Editing by Sohini
Goswami)
((Eva.Mathews@thomsonreuters.com;))