Insurance service provider Charles Taylor is expected to accept a £261 million acquisition offer from Jewel Bidco, a company formed on behalf of funds advised by Lovell Minnick Partners LLC and its affiliates.
The boards of LMP Bidco and Charles Taylor have reached an agreement on terms that will be put to shareholders at the next Court and General Meetings.
In order to become effective, the deal must be approved by a majority of the Charles Taylor shareholders.
Charles Taylor Directors have described the terms of the offer as “compelling” and an acknowledgement of the quality and strong prospects of the business.
“The Charles Taylor Board is confident in the quality and long term prospects of the Charles Taylor group, but believes that this offer recognises these factors and represents a good opportunity for shareholders to realise value for their investment at an attractive premium,” said Edward Creasy, Chairman, of Charles Taylor.
“As a private company with Lovell Minnick’s backing, I believe Charles Taylor will continue to capitalise on opportunities in its markets and ensure the future success of Charles Taylor for employees, partners and clients.”
Group Chief Executive Officer of Charles Taylor, David Marock added, “I am proud of what Charles Taylor has achieved over many years for its clients, partners, employees and shareholders.
“These achievements have been founded on its people, innovation and commitment to excellent client service. I am confident that this acquisition by Lovell Minnick, a highly regarded investor with experience in our markets, will provide Charles Taylor with the opportunity to continue to deliver on its existing growth strategy.
“They understand the foundations and strengths of our group and we welcome their commitment to working with the management team to drive the business forward.”
