October 20, 2014 / 8:58 AM / 4 years ago

BUZZ-Daisy Group: Up on sale agreement

** Shares in Daisy Group Plc up as much as 13.5 pct on CEO-led buyout deal.

** Chain Bidco Plc, a newly incorporated company owned indirectly by a consortium led by its chief executive and asset manager Toscafund, would buy Daisy Group for about £494mln.

** Toscafund Asset Management LLP and CEO Matthew Riley are Daisy’s two largest shareholders. Consortium also includes Penta Capital LLP.

** Daisy shareholders to receive 185 p/share held.

** Daisy, which has been reporting losses since 2010, said on Oct.17 that consortium was considering a possible cash offer for the company at 185 pence per share.

** Toscafund holds 28.52 pct in Daisy Group, while CEO Riley owns about 23.01 pct, as per the company’s annual report.

** Shares in the company have fallen 7.85 pct since Daisy first announced the approach on Aug.13. (RM: noor.hussain.thomsonreuters.com@reuters.net)

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