LONDON, UK: Globe Invest Limited (GIL), a company owned by billionaire Teddy Sagi, has announced that it has made a recommended cash offer to acquire the online competition company Best of the Best plc (BOTB), in which it already holds a 29.9 per cent stake.

The offer values BOTB at approximately £45.3 million, and offers 535 pence in cash for each share, representing a 33.75 per cent premium to the price GIL paid for its shareholding on 8 September 2022.

GIL said it believes that Best of the Best Plc would benefit from a business refresh and significant longer-term investments in technology, product development, marketing and distribution capabilities, as well as potential acquisitions, to compete in a highly competitive market and grow customer numbers sustainably.

Best of the Best Plc operates online competitions that allow customers to win cars, cash and other prizes. The company was founded in 1999 by William Hindmarch, who remains the CEO and a major shareholder.

Mr. Sagi, the owner of GIL, said: “We are excited to continue to build on the foundations set by William Hindmarch and the team at BOTB, by focussing on sustainable long term strategic competitive growth, by continuous investments in technology, customer/product analytics capabilities as well as product development, marketing and distribution capabilities, under a customer-centric model, both in the UK and in other new jurisdictions.

We also intend to support BOTB in considering potential acquisitions. Through our affiliates, we expect to offer the business, operating and financial support and knowledge sharing, that would be required for BOTB’s next period of growth trajectory.

Our offer represents a compelling 33.75 per cent premium to the price we paid for a 29.9 per cent shareholding on 8 September 2022 and a compelling liquidity proposition for fellow shareholders to release their investment from a very illiquid stock.”

The offer is subject to joint venture approval and regulatory approval of the field development plan (FDP), expected in the fourth quarter of 2023. Woodside is operator with a 60% participating interest and PEMEX Exploración y Producción (PEMEX) holds the remaining 40%.

The board of BOTB said it considers the terms of the offer to be fair and reasonable and intends to recommend unanimously that BOTB shareholders accept the offer. The board also said it appreciates GIL’s recognition of BOTB’s achievements and its support for its future growth plans.

The offer is subject to certain conditions, including GIL receiving valid acceptances from Best of the Best Plc shareholders representing at least 75 per cent of the voting rights of BOTB. The offer document will be posted to BOTB shareholders within 28 days of this announcement.

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