India, June 5 -- Mitie Group plc (MTO.L), a facilities management and professional services company, announced Thursday that it has reached agreement on the terms of a recommended cash and share offer to buy Marlowe Plc (MRL.L) for around 366 million pounds.
Following the deal, Mitie said it is suspending the 125 million pounds share buyback programme, launched on April 16, with immediate effect.
Under the deal terms, each Marlowe Shareholder will be entitled to receive 1.1 New Mitie Shares and 290 pence in cash. The acquisition represents a total implied value of 466 pence per Marlowe Share based on Mitie's closing share price of 160 pence as of June 4.
It is proposed that the acquisition will be effected by means of a scheme of arrange...