Ashtead Technology in £498m takeover approach – Daily Business
1 min read
Allan Pirie, Ashtead CEO
Subsea technology firm Ashtead Technology has received a takeover proposal from Ember Infrastructure Management pitched at 615p per share, valuing the Aberdeen company at about £498 million.
This is the fourth approach following previous unsolicited and non-binding indicative proposals from Ember, the first two of which were unequivocally rejected by the board.
In a statement issued to the London stock exchange just before the close of trading it said it is considering the proposal with its advisers and is providing Ember with preliminary due diligence information.
Ember, a New York based private equity firm, has been given a deadline of 5pm on 21 October to either announce a firm intention to make an offer or walk away.
Ashtead Technology, founded in 1985, provides underwater technology for the global offshore energy industry.
Shares in the company soared 60%, or 205p, to 545p.
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