T. Clarke receives takeover offer from Regent Acquisitions

Building service contractor T. Clarke PLC (LSE:CTO) has received a £90.56 million takeover offer from Regent Acquisitions.

Under the offer, Regent will pay 160p per share, representing a 28% premium on Monday’s closing price.

T. Clarke shareholders would also receive a 4.53p final dividend for the year, compared to 5.35p in 2022.

“Given our admiration for T. Clarke, as part of our plans, we would like T. Clarke to continue its business in the manner in which it has been conducted,” Regent chief executive Deep Valecha commented.

“We will support the management team in their ambitions to strengthen the balance sheet, and continue to grow the business.”

T. Clarke’s board said it would unanimously recommend shareholders back the takeover, which could get underway by the end of the second quarter, or beginning of the third.

“In addition to presenting an attractive premium for T. Clarke shareholders, this transaction presents tremendous opportunities,” chief executive Mark Lawrence said.

“This new chapter in our journey opens doors to explore bold initiatives and opportunities that may not have been feasible in the past.”

T. Clarke reported a £6.5 million post-tax profit on revenue of £491 million last year. Shares were up 29% on Tuesday.