Metnor announce multi-million takeover

Construction and property development group Metnor has announced a multi-million pound takeover of the company.

Metnor Group Plc, based in Newcastle, has seen a takeover offer led by its Chief Executive Stephen Rankin become wholly unconditional.

The offer of 25 pence per share represented a premium over Metnor’s current share price and the independent directors of Metnor have recommended acceptance of the cash offer to shareholders.

This offer is the first public offer in the North East since the beginning of the recession.

Keith Atkinson, Financial Director of Metnor Group said “Takeovers of public companies are highly regulated transactions and impose a heavy legal burden on the participants.

“Consequently it was imperative that we had confidence in the law firm selected to advise us on our legal responsibilities.

“Mincoffs, with whom we have enjoyed a successful relationship since the Company was formed and floated on the stock market in 1998, had the requisite experience and specialist knowledge to be able to guide us throughout the process.”

Mincoffs Solicitors acted on behalf of and offered advice to the independent directors of the Company.

Paul Hughes, Partner at Mincoffs, who personally advised the independent directors said: “Advising on transactions of this nature is very specialised and requires a detailed understanding of the Takeover Code, the financial promotion regime and company law.

“We are delighted that the Company recognised Mincoffs as having the necessary skills and experience in choosing us to advise on the offer”.