American private equity firm Lone Star Funds upped its bid for Britain’s largest retirement home builder McCarthy & Stone and the shareholders have accepted.
Dallas-headquartered Lone Star offered 120p a share, up from 115p. This now values the company at £647 million up from £630 million for the original offer.
McCarthy & Stone said 79.94% of shareholders approved the proposal which had been recommended by the directors of the company.
In October, when the deal was announced McCarthy & Stone’s chairman Paul Lester, said: “We believe that Lone Star would provide a complementary partner for McCarthy & Stone’s stakeholders and along with the investment in the business that Lone Star can provide, will enable further improvements of its transformation strategy and allow McCarthy & Stone to capitalise on its growing rental and multi-tenure offering which would underpin the long-term growth of McCarthy & Stone.”
Date published: December 9, 2020
