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FTSE 250 movers: Ocean Wilsons slumps on merger deal
(Sharecast News) - FTSE 250 (MCX) 22,051.52 -0.30% Ocean Wilsons - a supplier of maritime services in Brazil - has agreed a £900m all-share merger with Hansa Investment Company.
Under the terms of the deal announced on Monday, each Ocean Wilsons shareholder will receive 1.4925 new Hansa share units, comprising one voting ordinary share and two non-voting 'A' ordinary shares.
Once the deal completes, Ocean Wilsons shareholders will own approximately 41.40% of the combined group, while Hansa shareholders will own the rest.
Caroline Foulger, chair of Ocean Wilsons, said: "Since its inception, Ocean Wilsons has delivered significant value to shareholders, most recently through the sale of Wilson Sons and the associated tender offer.
"Building on a strong long-term track record, this combination with Hansa will create a diversified investment company benefitting from meaningful scale and cost efficiencies, and will be well placed to deliver long-term, sustainable shareholder value."
Hansa chair Jonathan Davie said: "The combination will bring together two businesses with a similar approach to investing and will enable shareholders of the combined group to benefit from an enlarged investment portfolio, enhanced liquidity and greater cost efficiencies.
"While global markets remain challenging, we believe that the combined group's unconstrained multi-asset approach will provide a differentiated and diversified investment proposition that is well placed to continue to deliver for both groups of shareholders."
Market Movers
FTSE 250 - Risers
SDCL Efficiency Income Trust (SEIT) 57.90p 4.32% NCC Group (NCC) 154.80p 3.89% Wizz Air Holdings (WIZZ) 1,226.00p 2.42% Bytes Technology Group (BYIT) 348.00p 2.23% Vietnam Enterprise Investments (DI) (VEIL) 699.00p 2.19% Lion Finance Group (BGEO) 7,505.00p 2.04% VinaCapital Vietnam Opportunity Fund Ltd. (VOF) 471.50p 1.84% FirstGroup (FGP) 222.80p 1.74% Kainos Group (KNOS) 733.00p 1.73% Target Healthcare Reit Ltd (THRL) 101.00p 1.51%
FTSE 250 - Fallers
Ocean Wilsons Holdings Ltd. (OCN) 1,245.00p -14.73% Ocado Group (OCDO) 322.90p -7.00% Close Brothers Group (CBG) 414.00p -4.08% ITV (ITV) 82.85p -3.33% Bloomsbury Publishing (BMY) 479.00p -2.54% Keller Group (KLR) 1,352.00p -2.45% Telecom Plus (TEP) 1,888.00p -2.18% Dr. Martens (DOCS) 82.00p -2.15% TP Icap Group (TCAP) 302.00p -2.11% Wetherspoon (J.D.) (JDW) 774.50p -2.02%
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