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Anexo Group PLC on Tuesday announced that it has agreed to a takeover offer from a ’Bidco’ entity controlled by funds managed or advised by DBAY Advisors Ltd, along with Alan Sellers and Samantha Moss. The joint bidders through Alabama Bidco Ltd already hold 74.3 million Anexo shares, representing an approximate 62.99% stake. The takeover agreement will see them acquire all remaining shares. Anexo, a Liverpool, England-based specialist integrated credit hire and legal services company, said its shareholders will be entitled to receive 60 pence in principal amount of non-convertible loan notes for each Anexo share. Alternatively, they can elect to ‘ultimately receive non-voting B ordinary shares in Midco, of which Bidco is a wholly owned subsidiary’. The offer price, Anexo said, values its share capital at approximately £70.79 million in total and represents a 17.6% premium to the closing price of 51p per share on Thursday, the last business day before the offer period commenced. Shares in Anexo ended down 23% at 53.00p per share on Tuesday in London. Also on Tuesday, Anexo announced a tender offer to return up to £12 million in cash at 60p per share. The tender offer will close at 1300 BST on August 7. In early May, Iconik Capital KG - which at the time held around a 3% stake - published an open letter indicating significant minority shareholder opposition to the then-potential acquisition, representing around 18% of share capital. It said it was ‘dedicated’ to preventing a delisting and ensuring that the company’s full value is recognised, protecting minority shareholders from ‘detrimental’ actions. Previously in 2021, DBAY considered a 150p per share offer for Anexo but subsequently decided not to proceed. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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