UK funeral service provider Dignity agrees to $349 million takeover – Yahoo News UK

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(Reuters) – Funeral providers supplier Dignity Plc has agreed to a sweetened 281 million pound ($349 million) takeover by a consortium backed by funding companies SPWOne V Ltd, Castelnau Group and Phoenix Asset Administration Companions.
Dignity, which had disclosed talks on a buyout proposal earlier this month, mentioned the consortium's revised money provide of 550 pence per share – elevated from 525 pence a share – represented a premium of 29.3% to the closing worth of the corporate's shares on Jan. 3.
Dignity's shares climbed greater than 8% to a greater than nine-month excessive of 547 pence by 0918 GMT on Monday.
The inventory, which fell about 30% in 2022, has rebounded after disclosing the buyout talks.
The consortium, which already owned or managed about 29% of Dignity, mentioned in a joint assertion that the deal would assist the corporate to get important funding below a personal possession and in addition present the monetary muscle to take a look at acquisitions.
Dignity, which owns 725 funeral places and 46 crematoria in Britain, has confronted pricing pressures and regulatory necessities from Britain's competitors watchdog.
The corporate forecast in a separate assertion on Monday that 2022 underlying working revenue would fall greater than 64% yr on yr, hit by a continued shift in direction of lowered-priced merchandise.
The takeover deal consists of the choice for Dignity shareholders to remain invested within the firm by means of an unlisted share different in Valderrama, an oblique guardian firm of bidding firm Yellow (SPC) Bidco Ltd, or a listed share different in Castelnau.
SPWone is owned by veteran entrepreneur Peter Wooden, who has additionally based seven corporations throughout UK, Europe and america together with the London-listed insurance coverage agency Direct Line.
($1 = 0.8052 kilos)
(Reporting by Aby Jose Koilparambil in Bengaluru; Modifying by Rashmi Aich and Jane Merriman)
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