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H2 Equity Partners walks away from Inspecs
(Sharecast News) - H2 Equity Partners has walked away from a potential offer Inspecs Group, it was confirmed on Tuesday, ending weeks of speculation about the future of the British eyewear manufacturer. In a brief statement, the London-based investment firm - which made an unsolicited approach for Inspecs in October - said it did not intend to make a formal offer for the business.
It follows a similar decision by Italian eyewear group Safilo. It had been considering an approach at 83p per share, but on Monday announced it no longer intended to bid.
Both companies have bowed out after Inspecs last week agreed to be taken private by a consortium of investors.
The consortium - led by hospitality entrepreneur Luke Johnson and Ian Livingstone, the billionaire co-founder of London & Regional Properties - approached Inspecs at the same time as H2. It is offering 84p per share in cash, or £85.4m, a 107% premium to the closing price on 22 October, the last business day before the possible offer was first announced.
Under Takeover Panel rules, H2 and Safilo are now broadly prohibited from taking another tilt at Inspecs for six months.
As at 1230 GMT, the stock was down nearly 1% at 82.07p.
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