AG has advised Creston plc, the listed digital marketing communications group, on a recommended takeover by one of its significant shareholders, DBAY, an international asset management firm, for an offer value of £75.8 million.
The deal, which announced to the markets on 17th November and remains conditional on, amongst other things, shareholder approval, will see RedWhiteBlue Digital Marketing Services Holdings Limited, a bidding vehicle owned by DBAY, make a takeover offer for Creston and seek to return it to private ownership. The current shareholders of Creston, after realising their investment, will be entitled to receive up to 126.42p in cash for each Creston share.
The Addleshaw Goddard team was led by corporate partner Giles Distin, assisted by Louise Pritchard and Charles Groves (Corporate) and Andrew Nealey (Employee Incentives). DBAY were advised by Shearman & Sterling.
Giles Distin, commenting on the transaction, said: "Whilst public M&A activity (alongside other M&A activity) in the UK remains fairly muted this year, Brexit seems, so far, to have had little or no impact on public takeovers. Many domestic and foreign investors are still happy to make acquisitions of quality listed assets in one of the most benign takeover markets in the world and, if anything, takeover activity has picked up marginally in the second half of this year. We hope that the UK remains open and welcoming to foreign investment in UK business and we are delighted to have advised Creston on this strategic step which aims, with DBAY's support, to help it develop further growth in its business."
Other takeovers on which AG has had an advisory role this year include their involvement with the takeovers of Plethora Solutions Holdings plc, SWP Group plc and Pinewood Group plc. Addleshaw Goddard's Corporate team includes ex-Takeover Panel secondees, Charles Penney (Senior Partner), Giles Distin and Charles Groves.