Fidelity confirms offer for Colt is final
Fidelity, the US investor that owns two-thirds of shares in Colt, says it is sticking by its 190p-a-share offer for the remaining minority shares and will not increase it under any circumstances.
Colt’s independent directors said the offer was “not fair” and “undervalues the company and its prospects”. However they did not recommend shareholders vote against the offer as some may prefer the certainty provided by a cash offer.
“As described in the offer announcement, Lightning Investors Limited (an entity jointly owned by Fidelity Management and Research and Fidelity International Limited through which the offer will be made) has received irrevocable undertakings to accept or procure acceptance of the offer at the offer price from certain Colt shareholders,” according to a statement by Fidelity.
“Fidelity has committed to holding its investment in Colt and not to sell or take any other steps to dispose of its Colt shares to any third party prior to 31 December 2016. This commitment stands whether as a consequence of the offer Colt becomes a private company, or remains as a public listed company should the offer lapse,” the company adds.