CareTech recommends Amalfi Bidco £870.3m bid to shareholders

CareTech shares soared 21% to 741p in late afternoon trading on Monday after the group reached agreement on a takeover offer for £870.3 million from Amalfi Bidco Limited.

CareTech confirmed it was recommending the offer from Amalfi Bidco to its shareholders, who would receive 750p per company share.

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The cash consideration for the entire company’s issued and to be issued shares represents a premium of approximately 28% to the CareTech closing share price on 4 March 2022, the last business day before the offer period commenced.

“On behalf of the CareTech Independent Board, we are pleased to have reached agreement on the terms of a recommended cash offer by Bidco,” said CareTech non-executive director Jamie Cumming.

“We believe that this is in the best interests of our investors and other stakeholders, with the potential to deliver a number of strategic opportunities for the business through private ownership by Bidco.”

“As a consequence of the offer, CareTech’s founders will remain the controlling shareholders of the business. We believe this will allow the existing care-focused culture of the organisation to continue and enable CareTech to continue to deliver high standards of care to its service users.”

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