CHAMP has tabled a A$186m ($192m) cash offer to take Australia’s Gerard Lighting Group private, an offer that has received the unanimous approval of board members including the Gerard family.
The Sydney-based buyout house has offered to buy all of the issued shares in Gerard for a cash consideration of $1.05 each.
The offer represents a premium of 52 per cent to Gerard Lighting’s volume weighted average share price of $0.69 in the one month up to and including 13 July 2012.
The bid received unanimous recommendation by the independent directors, supported by all other Gerard Lighting Directors.
The approval is subject to the absence of a superior proposal and subject to the independent expert concluding that the proposal is in the best interests of shareholders.
The firm will finance the deal through its CHAMP III Management fund.
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