London – Compagnie Générale des Établissements Michelin SCA (Michelin) is to acquire UK industrial rubber products group Fenner plc, the companies announced 19 Mar.
Fenner’s directors are “unanimously” recommending shareholders to accept the proposed cash acquisition, which values its share capital at around £1.2 billion (€1.4 billion).
The offer price of 610 pence per share represents a premium of 30.7% on Fenner’s share price of 467 pence at the close of business on 16 Mar. The deal is expected to close in the second quarter.
The acquisition, said…