Investment conglomerate Access Industries, publically announced its intention to buy outright sports media rights and data insights company Perform Group PLC. Access Industries currently owns 42.5% of Perform Group, the conglomerate announced that it had made a “final cash offer” of 260p per share.
The potential acquisition sees Perform Group valued at £702 million, Access Industries offer represents a shareholder premium of 27.6% over Friday closing share price. Access Industries may well increase its stake in Perform Group, to 75% forcing the company to delist from the London Stock Exchange.
Access Industries led by President & Founder Len Blavatnik has been extending its coverage in the technology and media sectors, in 2012 the conglomerate brought Warner Music Group.
Lincoln Benet, chief executive of Access Industries, said: “We continue to have confidence in Perform’s management and in the company’s future potential.”
Perform Group reported half yearly pre-tax losses of 4.18 million, increasing corporate losses from £2.6 million. Perform Group reported increased gross revenues of 118.8 million, up 29% on 2013 figures. The company posted adjusted EBITDA of £15.6 million.
In a brief statement sent this Monday, Perform Group mentioned to shareholder “to take no action at this time”. The company added that it was focused on “delivering significant value for all shareholders” and would make a further announcement in due course.