Daisy Group is in talks about a possible £500m buyout to take the company private. Led by CEO Matthew Riley Toscafund Asset Management, the largest shareholder, and Penta Capital have approached the Group. The company has confirmed that it has “received an approach . . . relating to a possible offer for the company”
The asset manager confirmed the approach in a separate statement on Wednesday but said Toscafund, Penta and Daisy’s CEO Matthew Riley were not yet considered “joint offerors” under UK’s Takeover Code but were in talks with the takeover panel.
“There is no certainty that Toscafund, Penta and Matthew Riley will be considered joint offerors,” the fund said.
The consortium now has until 5pm on September 10 to either announce whether it intends to make an offer for the business or not.
“An independent committee of the board has been convened who are engaged in preliminary discussions with the consortium and further announcements will be made as appropriate,” Daisy said in a statement.
Daisy Communications was founded by Riley in 2001 but then merged with web hosting and network service provider Vialtus in 2009 before reversing into Freedom4. Prior to merger, Daisy had acquired 24 companies.
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