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Advent International to buy Laird in $1.65 billion deal

Staff Writer |
The boards of Advent International Corporation (Bidco) and UK tech company Laird announced that they have reached agreement on the terms of a recommended cash acquisition of the entire issued and to be issued ordinary share capital of Laird by Bidco.

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The Acquisition is to be effected by means of a scheme of arrangement under Part 26 of the Companies Act.

Under the terms of the Acquisition, Laird Shareholders shall be entitled to receive 200 pence in cash for each Laird Share held, representing an attractive premium of approximately:

- 72.6 percent. to the closing price per Laird Share of 115.9 pence on 28 February 2018 (being the latest practicable date prior to publication of this Announcement);

- 7.1 percent. to the volume weighted average price per Laird Share of 119.7 pence for the one month period ended 28 February 2018 (being the latest practicable date prior to publication of this Announcement); and

- 53.0 percent. to the volume weighted average price per Laird Share of 130.7 pence for the three month period ended 28 February 2018 (being the latest practicable date prior to publication of this Announcement).

The Acquisition values the entire issued ordinary share capital of Laird at approximately £1 billion on a fully diluted basis.

If any dividend or other distribution is authorised, declared, made or paid in respect of Laird Shares on or after the date of this Announcement, Bidco reserves the right to reduce the Acquisition Price by the aggregate amount of such dividend or other distribution.

Whilst Laird has a clear strategy that would continue to deliver shareholder value, the Laird Directors believe the Acquisition recognises Laird's prospects and future growth potential.


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