Shareholders back Omega deal
THE deal to take Yorkshire-based kitchen manufacturer Omega International private off the stock market by its management in a deal worth £31m has been confirmed as unconditional.
More than 90% of Omega shareholders have accepted the deal, which sees a team led by chairman Bob Murray, chief executive Francis Galvin and directors Newton Winfield and Peter Walker take the Doncaster-based group off the AIM market.
Omega Bidco, the vehicle being used to acquire the business, has also conditionally agreed to acquire 1.8m shares held by Mr Galvin and Mr Winfield.
Bidco said as it had more than 90% shareholder acceptance, it would now take steps to cancel Omega’s listing on AIM and the trading of its shares on the market.
The deal sees the management paying 108p per Omega share, a premium of 71% to closing share price of 63p the day before the deal was announced last month.
In addition to the cash offer, Omega shareholders will be entitled to an additional dividend of 2p per share for the year to December 31.
Omega shareholders will also be paid the interim dividend of 0.94p for the six months to June 27.
Bidco said it would apply to take ownership of all remaining Omega shares.
Omega International Group designs, manufactures and sells quality kitchen furniture under the Sheraton, Omega and Chippendale brands to independent retailers across the UK.
It recently launched the new Charles Rennie Mackintosh range aimed at the upper end of the market.
It was founded in 1996 by a team led by former Sunderland football club chairman Bob Murray, the co-founder of Yorkshire-based kitchens and bathrooms manufacturer Spring RAM.
