LONDON, UK: The boards of directors of Universe Group and Inform Information Systems Limited (IISL) have reached agreement on the terms and conditions of a recommended cash offer by IISL for the entire issued, and to be issued, ordinary share capital of Universe Group.
Under the terms of the acquisition, each Universe Group shareholder will be entitled to receive 12 pence in cash for each Universe share, which translates the acquisition value at approximately £33.1 million on a fully diluted basis.
IISL is subsidiary of Professional Data Solutions (PDI).
Commenting on the Acquisition, Andrew Blazye, Executive Chairman of Universe Group, said: “The new Universe Executive team has come together recently and has already made good progress in defining and executing the Company strategy. I would personally like to thank all the employees of Universe for welcoming the new Executive team so readily and for all their hard work and support over recent months.
Whilst the Board and management team believe in the future of the business in its current guise, we welcome the opportunity for the Universe shareholders to realise their investment at a premium of 129% to yesterday’s closing price.
With its focus on the Fuel and Forecourt market, and its commitment to investment in associated customer solutions, the Universe Directors believe that PDI will be an excellent partner to Universe and its management and employees. We believe the proposed transaction reflects these opportunities.”
Commenting on the Acquisition, James Frangis, CEO at PDI and director of IISL said: “We are delighted to have reached agreement on the terms of the Offer with the board of Universe. This represents a great deal for Universe shareholders. The combination of PDI and Universe will allow for PDI point-of-sale (POS) solutions continued growth in a more complete integrated solution. Additionally, the combined organisation will create a strong foundation to serve petrol convenience customers throughout the rest of Europe.”
Leave a Reply