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(Reuters) — British insurance services firm Charles Taylor PLC said on Thursday it agreed to a £261 million ($325.15 million) takeover by a firm backed by private equity firm Lovell Minnick Partners LLC.
Jewel Bidco Ltd., a firm formed on behalf of funds advised by Lovell Minnick, has offered 315 pence per share in cash to take Charles Taylor private, the company said in a statement.
Charles Taylor directors said the offer, which represents a 34% premium to the company's share close on Wednesday, is "fair and reasonable" and unanimously recommend that shareholders accept.
"As a private company with Lovell Minnick's backing, I believe Charles Taylor will continue to capitalize on opportunities in its markets and ensure the future success of Charles Taylor for employees, partners and clients," Chairman Edward Creasy said in the statement.
Charles Taylor's shareholders will also receive a previously declared interim 2019 dividend of 3.65 pence per share to be paid on Nov. 8.
The company is being advised by Rothschild & Co.
London-based insurance services company Charles Taylor P.L.C. on Thursday said Richard Wood has been appointed as CEO of management services-Americas, succeeding Joe Roach, who has retired.