Guernsey Ends Year With Largest M And A Deal
by Jason Gorringe, Lowtax.net, London
19 December, 2017
Guernsey-incorporated and London Stock Exchange listed MarketTech Holdings Limited has been taken over in a transaction valued at GBP892.5m (USD1.2bn) – the largest public merger and acquisition deal in Guernsey by value so far in 2017.
MarketTech was acquired by property and technology company LabTech Investments Limited, which already had a 71 percent stake. LabTech owns a substantial portfolio of properties in Central London – a portfolio boosted by the fact that MarketTech manages a large portion of London's Camden Market.
The takeover offer was implemented by way of a recommended cash offer for all remaining shares in MarketTech not already owned by LabTech, and the offer price under the bid represented a premium of approximately 30 percent to MarketTech's closing price of 145p the day before the offer was made.
As part of the transaction, LabTech delisted MarketTech from the London Stock Exchange.
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