SBC News Voice of the Sports Betting Industry
Sports data and media rights firm, Perform Group PLC is set to reject the £702 million final offer made by Len Blavatnik’s Access Industries this Monday. Perform Group’s management and board felt that the offer underrated the company’s future value and potential.
Monday 2 September, saw investment conglomerate Access Industries, owners of 42.5% of Perform Group issue a cash buyout offer of 260 pence, representing a shareholder premium of 27.6% on Perform current share price. The sum offered placed a + £700 million value on Perform Group business and assets.
On Tuesday, Performs Board issued a statement, urging shareholders to reject the final cash offer. A company statement sent to shareholders read “The Board values Access Industries as a long-term shareholder and supporter of the company but has concluded that the final cash offer undervalues the company and its prospects,”
It remains unclear whether Access Industries, will re-bid for the remaining stake in Perform Group, or pursue to individually purchase shares from stakeholders in the business, thus forcing Perform to remove itself from the UK FTSE
Earlier this month 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.
