Masons win battle for Morson
THE management team looking to buy Salford-based recruitment group Morson and take it off the AIM market has been successful.
The bid vehicle used by Morson Group founder and chairman Gerry Mason and his chief executive son, Ged, announced this morning that it had gained agreement from slightly more than the 75% of shareholders required to make its offer unconditional.
After extending its initial 50p per share offer for two weeks, MMGG Acquisition this morning said it had gained acceptances from 76.62% of shareholders.
Shareholders who have not yet accepted the offer have ben given a further two weeks in order to do so.
The firm said it would now plan to delist the company’s shares, which it warned “will significantly reduce the liquidity and marketability of any Morson Shares not acquired by MMGG”.
The 50p per share bid values Morson Group at £23m, which is a 20% premium on the 41.5p per share the business was valued at prior to the bid announcement. However, it was criticised by a number of independent shareholders who felt the offer was too low.
Morson Group floated on the stock exchange at 160p per share in 2006, giving the company a value of £72m. Its valuation peaked in May 2007 at 257p per share and was still trading at around 80p per share last winter, prior to the company announcing a decision to suspend its dividend.
Gerard and Ged Mason own 94.4% of MMGG Acquisition. Finance director Paul Gilmour and managing director Kevin Gorton each own 2.8%.
The 50p per share offer was recommended to shareholders by the one remaining independent director, Ian Knight, having taken advice from Morson Group advisor WH Ireland.
