FirstCash has raised its recommended cash offer for Ramsdens by 13% to up to 684p per share, valuing the pawnbroker and foreign exchange specialist at up to £232m, after engaging with shareholders following its original bid.
The revised terms comprise 675p per share in cash from the US pawnbroking group’s bid vehicle, up from the 600p announced on 23 June, plus permitted dividends of up to 9p. This comprises the previously declared 6p interim and 3p special dividends due to be paid in October.
Should the deal be completed before those dividends are paid, the cash consideration will be increased accordingly.
The improved offer represents a 51% premium to Ramsdens’ closing price of 453p on the day before the original announcement, an 80% premium to the 12-month volume-weighted average of 379p, and a 39% premium to the company’s all-time high closing price of 493p reached in early June before the offer period began.
FirstCash has declared the offer final and will not increase it further, except in the event of a third-party approach or with Takeover Panel consent in wholly exceptional circumstances.