UK Facilities Management Giant Set for Massive Takeover: Mitie Agrees to £3.1bn Acquisition by OCS Group In a significant move in the corporate world, outsourcer Mitie has agreed to a £3.1 billion takeover by its private-equity owned rival OCS Group. The acquisition, which offers a 44.7% premium to Mitie's closing price on Monday, marks a major milestone for both companies and brings together two highly complementary businesses. The combined entity will create a British facilities management group that aims to support the country's essential services, create jobs, and strengthen its contribution to the nation's infrastructure. With a significant cash offer on the table, Mitie's board has recommended that shareholders accept the deal, paving the way for a major consolidation in the industry.
Rolling coverage of the latest economic and financial newsElsewhere on the corporate front – the outsourcer Mitie has agreed to a £3.1bn takeover by its private-equity owned rival OCS Group, making it the latest London-listed company to be acquired this year.Its board has recommended that shareholders accept a cash offer of 221.6p a share, a 44.7% premium to Monday’s closing price.This is an important milestone for both organisations and an exciting opportunity to bring together two highly complementary businesses with a shared commitment to delivering the best outcomes for colleagues and customers. Subject to completion, we would build a British facilities management group that is better positioned to support the organisations that keep the country running. Together, we can better support existing and new customers, help more people into work and strengthen our contribution to getting Britain moving. As chancellor, he will have many competing demands, and won’t just be the MoD’s man in No 11. His experience made him an obvious candidate for the role, and he represents a middle way between Miliband and Mahmood, but it will not be easy to find lots more cash for defence, especially when the new PM is so busy making broad spending commitments in other areas. Continue reading...
