The board of specialist credit provider International Personal Finance (IPF) has finally given in to BasePoint Capital’s takeover offer of 235p per share in cash plus a final dividend of 9p per share.
The deal represents a small premium to the 220p closing price but a 31% premium to the price in late July when BasePoint made its initial approach.
| Price: 233p | P/E: 7.5x |
| Market Cap: £510m | Yield: 5.4% |
It was always a case of when not if the board would agree a deal, and despite arguing in favour of a standalone strategy the option for shareholders to monetise their investment at a premium was just too compelling.
We haven’t totted up the numbers this year, but this is yet another FTSE 250 company being taken private at a relatively low price, reducing the pool of opportunities for UK investors in small- and mid-cap companies.
Read the press release here: https://www.ipfin.co.uk/investors
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