Nelson Daisy chief set for £466m takeover bid

Matthew Riley

Matthew Riley

First published in News Burnley and Pendle Citizen: Photograph of the Author by

THE chief executive of Nelson communications giant Daisy Group has indicated he could make a £466million bid to take over the company.

Matthew Riley, who founded Daisy Communications Ltd in 2001, has formed a consortium with fellow shareholders Toscafund Asset Management and Penta Capital.

Daisy, which has its headquarters in Lindred Road Business Park, said it had received an approach for a possible cash offer of 190p per share.

Toscafund currently holds a 28.5 percent stake in Daisy Group, while Mr Riley owns about 23 percent.

A statement from the company said: “Daisy Group plc confirms that it has received a preliminary approach relating to a possible offer for the Company by Toscafund Asset Management LLP, Penta Capital LLP and Matthew Riley, the chief executive officer of Daisy.

“On 27 July, 2014, the company received an approach from Toscafund on behalf of the consortium regarding a cash offer for Daisy at 190p per Daisy share.

“An independent committee of the board has been convened who are engaged in preliminary discussions with the consortium and further announcements will be made as appropriate.”

The statement added that the approach did not represent a ‘firm intention to make an offer’ and that, in accordance with the Takeover Code, the consortium must announce whether or not it wishes to make a formal bid by 5pm on September 10. Daisy, which was floated on the Alternative Investment Market of the London Stock Exchange in July 2009, posted revenue of £352.7m for the year to 31 March, 2014, with a pre-tax loss of £24.4m.

Mr Riley has appeared as one of Lord Sugar’s advisers on the BBC show The Apprentice.

Comments (1)

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2:42pm Fri 12 Sep 14

saker says...

Interested to note this company has been making losses, currently owned by the same people who now want to buy it through another at an inflated price with borrowed funds, sometimes I wonder who regulates who.
Interested to note this company has been making losses, currently owned by the same people who now want to buy it through another at an inflated price with borrowed funds, sometimes I wonder who regulates who. saker
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