CHAMP in $192m take-private bid for Gerard Lighting
CHAMP Private Equity has launched a A$186 million ($192 million) takeover bid for Australian light fittings distributor Gerard Lighting Group. The bid has won unanimous approval from Gerard’s board and the Gerard family, which has a 52% stake, has said it will vote in favor of the deal in the absence of a better offer. It puts the company on course to go private just over two years after it listed.
Gerard's stock was up 26% to A$1.01 on Wednesday in response to news of CHAMP's bid. Prior to that, it was down about 5.5% on a one-year basis. CHAMP has offered A$1.05 in cash for all outstanding shares,...
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