In a press release today Motivcom have announced that the board of Sodexo Motivation Solutions U.K. Limited, a wholly-owned subsidiary of Sodexo SA, and the independent directors of Motivcom plc are pleased to announce that they have reached agreement on the terms of a recommended acquisition under which SMSUK will acquire the entire issued and to be issued ordinary share capital of Motivcom.
Under the terms of the deal the Offer values the entire issued and to be issued share capital of Motivcom at approximately £41 million; represents a 20.8 per cent premium to Motivcom’s closing share price of 122.5 pence on 11 September 2014 (being the last Business Day prior to the date of this announcement); and represents a 23.6 per cent premium to Motivcom’s average volume weighted share price of 119.7 pence for the three months ended 11 September 2014 (being the last Business Day prior to the date of this announcement).
Motivcom also announced the entry into an agreement to sell its subsidiary Zibrant Limited to Zebra 1234 Limited (a company wholly-owned by Nigel Cooper, a director and 10.78 per cent shareholder of Motivcom) for total cash consideration of £2.924 million. The Offer price takes into account these proceeds which will be retained by Motivcom.
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