Terms agreed on Rotala deal
A deal has been put in place for the acquisition of transport group Rotala, which operates Diamond Bus in the West Midlands.
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RGL (Rotala Group Limited) and Rotala have reached agreement on the terms and conditions of a recommended acquisition.
A trio of directors of Tividale-based Rotala – Simon Dunn, Bob Dunn and John Gunn – owned 41.2% of share capital.
And now an offer has been agreed with Graham Spooner, Deputy Chair and Senior Independent Director of Rotala, saying: "The Rotala Independent Directors are pleased to recommend RGL's offer of 63.5 pence in cash for each Rotala Share which represents a significant premium to both the Rotala Share price before commencement of the Offer Period and the Tender Offer price per share."
Simon Dunn, Director of RGL, said: "We are excited about the opportunity for Rotala as a private company, without the regulatory and cost burdens associated with an AIM quotation, which will allow us to operate in a more agile way. We believe that the Acquisition also provides a much-needed liquidity event for Rotala Shareholders."
A statement added: "The offer price values the entire issued and to be issued share capital of Rotala at approximately £23.5 million."