Nov 23 Industrial parts distributor Brammer Plc
said private-equity firm Advent International Corp had
agreed to buy the company for 221.5 million pounds ($274.8
Advent's recommended cash offer of 165 pence per share
represents a premium of 69.2 percent to Brammer stock's closing
price on Tuesday. Brammer urged its shareholders to accept the
offer, terming it as "fair and reasonable".
The deal comes just over a month after Brammer said it did
not expect to report a pretax profit for 2016, sending its
shares down 50 percent.
The company said on Wednesday its recent strategic review
had found that a turnaround would take at least three years to
implement and result in significant reorganisation costs.
($1 = 0.8060 pounds)
(Reporting by Pranav Kiran in Bengaluru; Editing by Gopakumar