It has reached agreement on the terms of a recommended proposal to buy Marlborough Stirling plc for 42 pence per share in cash. This values the existing issued share capital of Marlborough Stirling at approximately £95.3 million.
The Marlborough Stirling Board unanimously recommended the proposal and shareholders, who hold approximately 58.5 per cent of the issued share capital, have agreed to vote in favour of the proposal.
Tom Drury, managing director of Vertex, said: “All three divisions of Marlborough Stirling are of interest to us and we intend to create additional value across all three sectors based on our complementary skills and expertise.
Through the acquisition of Marlborough Stirling, Vertex intends to create a leading financial services outsourcing player in the UK market.”
To become effective the proposal needs to be approved by Marlborough Stirling shareholders at an EGM. The acquisition is expected to become effective during May 2005.
Mike O’Leary, chief executive of Marlborough Stirling, said: “Marlborough Stirling and Vertex share a strong common ambition to create a major financial services utility.
“I believe that the combination with Vertex is good news for all our customers and shareholders, as well as presenting exciting opportunities for our employees.”
