Toy company family in £3m take private bid

AN agreement has been reached for Blackpool-based toy company Casdon to
delist from the AIM in the £3m deal.

Chairman Paul Cassidy and his family, who currently own 51% of  Casdon is offering to by the shares of other stakeholders at 55p per share.

Funding support for the move has been provided by The Royal Bank of Scotland’s Corporate Transactions team through a revolving credit facilty and directly from Cassidy.

Stanley Wilson, the independent director of Casdon, said: “Paul Cassidy, his wife Lynda and his two sons Peter and Philip Cassidy wish to provide the other Casdon shareholders, including myself, with an opportunity to sell their Casdon shares in a single, organised event at a fair price.

“I have carefully considered the offer and believe it is in the best interests of Casdon shareholders to accept the offer as I have done so myself.”

Craig Cheetham, director at RBS corporate transactions team said: “We are delighted to support Casdon who we have worked with for a number of years. The facility provided to Paul Cassidy and his family is designed to help fund the offer. We wish all parties every success.”

The Offeror was advised by Diagnostic Capital, Hill Dickinson, Napthens, Turner Parkinson and PM+M.

RBS were advised by Shoosmiths. Casdon was advised by Spark Advisory Partners & Field Fisher.

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