Nov 23 (Reuters) - 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 million).
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 Warrier)