Walker Morris advises on Straight takeover for £10.7mPrint news article
Corporate lawyers from Walker Morris have advised Straight plc on its sale to a subsidiary of Irish outfit One Fifty One plc (One51) for approximately £10.7m.
The deal, effected by way of a scheme of arrangement under Part 26 of the Companies Act 2006, represents a 66 per cent premium on the share price of Straight immediately prior to the offer and will see the Yorkshire-based recycling products company delisted from AIM and integrated in One51’s plastics division.
The acquisition of Straight will allow One51 to build on the success of MGB Plastics, which is a leading manufacturer of wheeled bins and caddies in the UK.
Jonathan Straight, founder of Straight plc commented:
“Walker Morris did a great job of acting for Straight plc. Despite the complex nature of this public-to-private transaction the Board was steered through the process with great skill and in an efficient manner. On several occasions “what if” scenarios were explored which were very helpful. With the assistance of the team at Walker Morris a satisfactory outcome was achieved.”
The Walker Morris team was led by the corporate department. Trudy Feaster-Gee provided specialist advice on the competition aspects of the sale.
Corporate finance advice was provided by Ivonne Cantu and Michael Johnson of Cenkos Securities plc.