UK Politics

Clearstar agrees 40p per share offer from private equity group Hanover Bidco

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ClearStar Inc (LON:CLSU) has agreed to a buyout offer from private equity group Hanover Bidco worth 40p a share in cash.

The offer values the issued share capital of staff vetting specialist at approximately £14.7mln and represents a 23% premium to the last practicable share price.

Hanover Bidco said it had already received acceptances from more than 50% of shareholders, which is its acceptance target for the offer. Artemis Investment has also indicated it intends to accept the bid for its stake.

In a statement, Barney Quinn, Clearstars chairman said: "Having served as chairman of ClearStar since the IPO six years ago, I have been delighted to see the growth of our business, with the company now recognised as having market-leading employment and medical background screening technologies.

Up until the outbreak of the coronavirus (COVID-19) pandemic, ClearStar had a good start to the year and then saw excellent improvement from May onwards following the significant impact on revenues in March and April, the group's interim resuRead More – Source