海角视频 retirement housebuilder McCarthy & Stone has agreed to be taken over by a US private equity group in a cash deal worth £630million.
The board of Bidco - a wholly-owned indirect subsidiary of Lone Star Real Estate Fund VI - made the offer on Friday (October 23).
Shares in McCarthy & Stone, a listed firm headquartered in Bournemouth, jumped on the announcement to 117p - above the share offer of 115p per share.
The company, which has more than 200 retirement homes in the 海角视频, said the deal represented "fair value" and that it was planning to "unanimously" recommend it to shareholders.
Paul Lester, chairman of McCarthy & Stone, said: "The all-cash offer represents a compelling and attractive opportunity for shareholders to realise and crystallise their investment in McCarthy & Stone in the near term and also provides a meaningful premium to the prevailing share price notwithstanding the backdrop of the wider risks posed by the political and macro-economic environment."
Mr Lester said he believed the deal would further improve McCarthy & Stone's transformation strategy and allow the company to capitalise on its "growing rental and multi-tenure offering".
Donald Quintin, president of Lone Star Europe, said: "McCarthy & Stone represents an attractive opportunity in a market underpinned by clear fundamentals: a rapidly ageing population and a structural undersupply of suitable housing options for older people.
"Lone Star shares the McCarthy & Stone management team's vision for growth.
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"With our proven experience in developing property-related businesses, we believe our partnership will enable McCarthy & Stone to accelerate its transformation, which aligns with the Government's goal of increasing the supply of attractive housing options in the 海角视频.
"We look forward to partnering with McCarthy & Stone's management and employees to further support the company's ongoing transformation."
McCarthy & Stone's financial performance was hit by the Covid-19 pandemic, with the company announcing a pre-tax loss of £91.3million for the six months ending April 30 - down from a pre-tax profit of £3.6million for the same period last year.