Under the terms of the acquisition, each McKay shareholder will be entitled to receive 209 pence per share in cash and 0.115 new Workspace shares. On the basis of the closing price per Workspace share of 769 pence on 1 March 2022 the acquisition values each McKay share at 297 pence and the entire issued share capital of McKay at around £272m.
This represents a premium of 33.2% to the closing price of 223 pence per McKay Share on 1 March 2022 and a discount of around 7.0% to McKay’s estimated net tangible assets, adjusted for prepayment costs of a loan, of 326 pence per share at 31 January 2022.
Following completion of the acquisition, existing Workspace shareholders will hold around 95% of the enlarged group and McKay shareholders will hold around 5%.
(source:quoteddata)
