Hunters Property PLC’s shareholders have approved the takeover by Property Franchise Group PLC.
Some 99.9% of shareholders voted in favour of the deal over the weekend.
Hunters reached an agreement with The Property Franchise Group in late January. Hunters has recommended the acquisition, which will be on the basis of 0.1655 Property Franchise shares plus 43.2 pence in cash for each Hunters share.
The terms value each Hunters share at around 72.0p and the entire company at around £24.2m.
Hunters, founded in 1992 Conservative MP Kevin Hollinrake, has more than 200 branches across the country.
TPFG will add Hunters to its portfolio of high-profile chains, which includes Ellis & Co, EweMove, Martin & Co and Parkers, creating an enlarged franchised estate agent with just over 400 branches.
But the merger will lead to job losses to avoid “duplication of functions” and “operational inefficiencies”, the group recently said.
Glynis Frew, chief executive of Hunters, will become an executive director of TPFG, while Gareth Samples will remain as the TPFG group chief executive.
Hollinrake said: “I am so grateful, and indeed moved, that every member of our network remains faithful to our original vision and values and I know that they will continue to do so.”
Most of these shares are owned by management and so they will naturally support the transfer. They personally benefit from the cash-in.
Good luck to Hollinrake and Co for finally selling out.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Good luck to the Hunters franchisee’s, they may need it! I do not know how Hunters operate, but TPFG will be looking to squeeze every penny they can on this, so I very much doubt there will be no changes.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register