Asset management firm DBAY launches takeover bid for Anexo
Anexo Group is considering a takeover offer from asset management firm DBAY Advisors.
The Liverpool-based specialist integrated credit hire and legal services provider, with offices in Bolton and Leeds, announced today that it has received an approach from DBAY regarding a possible cash offer for the entire issued and to be issued ordinary shares of the company, save for those already owned by DBAY, by a newly incorporated entity jointly controlled by funds managed or advised by DBAY.
The Anexo board has granted DBAY due diligence access, and DBAY has indicated an offer price of 150p per ordinary share in cash.
While the structure of the possible offer is not yet confirmed, the status of executive chairman, Alan Sellers, and Samantha Moss, managing director of Anexo subsidiary Bond Turner, as joint offerors to DBAY’s possible offer, is under consideration.
DBAY has until 5pm on July 21, 2021, to either announce a firm intention to make an offer for Anexo or announce that it does not intend to make an offer. This deadline may be extended.
At close of trading yesterday, Anexo’s market capitalisation was £158m, based on a closing share price of 136.25p per share.
Anexo is a mixture of a credit hire, claims management and claimant lawyer company, and is focused on providing replacement vehicles and associated legal services to “not at fault” motorists involved in accidents.
Its legal subsidiary, Bond Turner, is currently acting for more than 8,000 claimants in a case against German car maker Volkswagen over emissions claims.
It said a successful settlement could result in “a significant positive impact” for the group.
Last November, Anexo announced that DBAY Advisors had agreed to take a 29% stake in the group, purchasing shares from Alan Sellers, who founded the business in 1996, Samantha Moss and Valentina Slater at a price of 150p per share.
DBAY is an international asset management firm with offices in the Isle of Man and London.
It set up its first investment vehicle in 2008 and now manages investments on behalf of institutional investors, family offices, pension funds, trusts and foundations in various funds. It was involved in the rescue of Warrington-based logistics group Eddie Stobart.
DBAY partner and chief investment officer, Saki Riffner, said at the time: “We are excited to invest in Anexo alongside Alan, who has built the business over the last 25 years, and we are looking forward to working closely with him and his team to drive the future growth of the group.”
In January this year Anexo made a further announcement that DBAY had made an application to acquire an additional 19.1% shareholding in the group.
