Ashtead Technology receives $660 million takeover proposal from Ember

By Reuters News

Sept 23 (Reuters) - British subsea technology firm Ashtead Technology ATAS.L on Wednesday said it has received a non-binding indicative proposal from Ember Infrastructure Management that values the company at about £498 million ($659.75 million).

Here are some more details:

  • Ashtead said Ember has proposed to acquire the company for 615 pence per share in cash.

  • The offer represents a 12.8% premium to Ashtead's last closing price of 545 pence.

  • The proposal follows three previous approaches from Ember, the first two of which were rejected by the board, Ashtead said.

  • The company is considering the latest proposal with its advisers, it added.

  • Under UK takeover rules, Ember has until October 21 to announce a firm intention to make an offer or say it does not intend to proceed.

($1 = 0.7548 pounds)

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.