Anexo gets £174m takeover approach from DBAY

Anexo executive chairman Alan Sellers

Liverpool-based Anexo Group, the AIM-listed credit hire and legal services firm, said on Wednesday it has received an approach from private equity firm DBAY Advisors Limited regarding a possible cash offer for Anexo worth £174 million.

DBAY has indicated an offer price of 150p per share. Anexo shares rose about 6% to around 145p.

Last November, DBAY Advisors Limited agreed to acquire a minority stake of 29% in Anexo. DBAY has offices in the Isle of Man and London.

“On the basis of the DBAY proposal, the board of Anexo has granted DBAY due diligence access, and DBAY has indicated an offer price of 150 pence per ordinary share in cash,” said Anexo.

“While the structure of the possible offer is not yet confirmed, the status of Alan Sellers, Executive Chairman, and Samantha Moss, Managing Director, Bond Turner, as joint offerors to DBAY’s possible offer is under consideration.

“In accordance with Rule 2.6(a) of the Code, DBAY must, by no later than 5.00 p.m. on 21 July 2021, either announce a firm intention to make an offer for Anexo in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.

“This deadline may be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.

“DBAY reserves the right to introduce other forms of consideration and/or vary the form and/or mix of the consideration of any offer, as well as the structure of such an offer.

“DBAY also reserves the right to reduce the offer consideration by the amount of any dividend (or other distribution) which is paid or becomes payable by Anexo to Anexo shareholders after the date of this announcement, save for the final 1 pence dividend per Ordinary Share announced on 27 April 2021.

“This announcement has been made with the consent of DBAY.

“A further announcement will be made if and when appropriate.”

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