FDM deal ‘highly likely’ to go through
A 141p per share offer for IT staffing and services provider FDM Group looks set to go through.
The independent board of FDM gave its backing last Thursday to an offer from private equity firm Inflexion, which values FDM at £33.3m. Those behind the offer include Rod Flavell, chief executive of FDM, and Ivan Martin, former of head of banking at Misys.
As of last Friday, 53% of FDM shareholders had accepted the offer, or had indicated a willingness to accept it.
This is the third offer in a five-month saga. Inflexion had previously made offers of 120p and 135p a share.
James Wellesley Wesley, a partner at corporate finance advisory firm Wyvern Partners, told Recruiter: “This deal has taken a long time in the public eye to get to this point. Anyone else who might have wanted to buy FDM has had every opportunity to throw their hat in the ring. In these tricky times, 141p is a reasonable price, and with over 50% of shareholders supporting the deal, it is highly likely it will succeed.”
