IP attorney Murgitroyd has confirmed it is in advanced talks about a takeover by private equity firm Sovereign Capital Partners.
The board of the Glasgow-founded company is recommending that shareholders accept the mooted offer of 675p a share for all of the company's stock. The AIM-listed firm was trading at 675p at close yesterday, valuing it at just over £60 million.
In a statement, Murgitroyd said: "The board of Murgitroyd (the "Board") notes the recent movement in the Company's share price and confirms that it is in advanced discussions in relation to an indicative proposal (the "Proposal") received from Sovereign Capital Partners LLP ("Sovereign") to acquire the entire issued and to be issued share capital of Murgitroyd at a price of 675 pence in cash.
"The Proposal assumes that the recently announced final dividend of 15 pence per share will be paid to shareholders on the register as at close of business on 11 October 2019 as anticipated."
Murgitroyd was founded in 1975 by current chairman Ian Murgitroyd and now has 15 offices across the UK, Finland, France, Germany, Ireland, Italy and Switzerland. His son Ian is now the chief executive. In February, it took over Southampton-based firm Chapman IP.
