Science in Sport ‘minded to recommend’ potential offer from investment vehicle
Sport nutrition firm, Science in Sport, which has a major supply chain site in Blackburn, has received a potential takeover offer from London-based bd-capital Partners, which it said it is minded to recommend.
Responding to media speculation, it confirmed it has been approached with a bid of 34p per share.
Shares in the business closed at the end of trading yesterday (April 15) at 27.50p per share.
They opened this morning at 27.38p per share and are priced at 32p per share in early afternoon trading.
Science in Sport said an independent committee of its board has carefully evaluated the indicative terms of the possible offer and has concluded that it would be minded to recommend it, should a firm intention to make an offer be announced.
A statement to the stock exchange this afternoon said discussions are at an advanced stage.
However, the sports supplement group cautioned that there can be no certainty that a firm offer will be made, nor as to the terms on which any offer might be made.
It said a further announcement will be made in due course as appropriate. It urged its shareholders to take no action at this time.
As a consequence of today’s announcement, an ‘offer period’ has now commenced.
In January the business issued a trading update for the year to December 31, 2024, in which it said it expects its unaudited Adjusted EBITDA and net debt levels to be ahead of current market expectations.
It said Adjusted EBITDA for the year is expected to be £4.2m, up from £2m a year ago, and net debt has been reduced by £7m to £5.9m, on turnover of £51.9m, a 17.5% reduction on the previous year’s level of £62.8m.
