The shareholders of Ultimate Finance Group Plc have had a take over approach from by Renovo Group Plc which has the support of the Ultimate board. The bid values Ultimate at around £20m with Renovo offering a mix of cash and new Renovo shares.
What make this take over interesting is that Renovo have no history in the finance market. Renovo previously had interests in the bio pharmaceutical sector. They disposed of certain assets in December 2012 for the sum of US$660,000 and on 3rd January 2013 announced a new investment policy which was approved by their shareholders. Will it mean that they will be seeking further acquisitions in the invoice finance sector.
The clients of Ultimate should take comfort the management team will remain in place so in theory there should be no significant changes to the way the business is run.
What make this take over interesting is that Renovo have no history in the finance market. Renovo previously had interests in the bio pharmaceutical sector. They disposed of certain assets in December 2012 for the sum of US$660,000 and on 3rd January 2013 announced a new investment policy which was approved by their shareholders. Will it mean that they will be seeking further acquisitions in the invoice finance sector.
The clients of Ultimate should take comfort the management team will remain in place so in theory there should be no significant changes to the way the business is run.
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