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CareTech Holdings PLC on Thursday said it would back a potential new bid by its founders.
Suitor Sheikh Holdings Group (Investments) Ltd on Wednesday upped its takeover proposal for the London-based social care services provider, matching an offer made by DBAY Advisors Ltd last week.
Farouq and Haroon Sheikh, the Sheikh brothers, founded CareTech in 1993, and hold positions as executive chair and chief executive officer respectively.
A Sheikh-fronted consortium has submitted a new 750 pence per share proposal for CareTech, upped from a previous 725p tilt. CareTech had already been ‘minded to recommend’ that 725p offer, Sheikh noted.
The 750p bid values CareTech at £850.0 million. The proposal does not constitute a firm offer, Sheikh noted.
CareTech shares closed 0.1% lower at 746.00p each in London on Thursday.
CareTech on Thursday said it would be ‘minded to recommend the possible offer should an offer be made at that price’.
The Sheikh consortium includes Belgravia Investments Ltd, Kensington Capital Ltd, funds managed by THCS IV GP Sarl and finally THCP Advisory Ltd.
The consortium has until May 2 to announce whether or not it plans to make an offer for CareTech.
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