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Photo-Me International PLC - Epsom, Surrey-based operator of instant-service equipment, such as photobooths and self-service laundry - Offer from Tibergest Pte Ltd lapses due to not satisfying the acceptance condition on time, of gaining at least 50%. Tibergest so far has valid acceptances for the offer from 170.6 million shares, representing around 45% of Photo-Me's total issued share capital.
In mid-January, Tibergest agreed to buy 29.1 million Photo-Me shares from the Dan David Foundation, taking its total holding to 138.0 million shares, or a 37% stake, triggering a mandatory offer under UK takeover rules.
The mandatory offer is worth 75 pence per share, valuing Photo-Me's total issued share capital at £284.5 million.
Current stock price: 68.20 pence, up 4.9%
12-month change: up 24%
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