Shareholders have received full details of Silver Lake’s bid to acquire ZPG.
Yesterday, the board of ZPG unanimously recommended its shareholders to accept the deal, with a shareholder meeting due to be held on June 18.
Yesterday, ZPG said that its board of directors “believes that the offer reflects the value created by ZPG to date and its future prospects”.
Subject to shareholder approval and regulatory clearances, completion is anticipated in the third quarter of this year.
Under the terms of the acquisition proposed, shareholders would get 490p per share in cash.
Yesterday, in view of the Silver Lake offer, ZPG decided against paying shareholders an interim dividend when it declared its results for the half-year to the end of March. This was because if a dividend had been declared, the offer could have been reduced by the equivalent amount.
Alex Chesterman, founder of ZPG, also confirmed yesterday that he will be staying with the business after any sale.
The share price was unmoved by the strong half-year results at 490p, reflecting the offer.
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/ZPG/13652648.html
We all know he won’t stay…look at his history after previous sell outs…take the money and run….Planet Hollywood, Love Film and there are countless other investments in incubation development. He won’t want to be answerable to new paymasters.
The eagle eyed amongst you will be aware that Chesterman’s personal share of the sale is the same face value as the pay and share bonus awards that were proposed at the AGM which were vetoed by angry major shareholders!! Now the business is on the verge of being sold…the ultimate 2 fingers up. Well done Chesterman, your tie in won’t last for long! I’m sure he would also like to thank all of those agents who have increased their spend year on year to add to this huge wealth and allowed him to use their data to fund other businesses….the Americans are looking forward to doing the same….unless of course you vote with your feet! A hardening of the market is a perfect time to review your business plan!
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