Glasgow-based mobile power giant Aggreko plc — which has recommended shareholders accept a £2.32 billion takeover offer from a newly formed company owned by funds managed by private equity firms TDR Capital LLP and I Squared Capital — said on Thursday that its has asked chairman Ken Hanna to stay with the firm until a deal is done.
“Although the company previously announced that Ken Hanna would step down as chairman and as a non-executive director of the company at the conclusion of the 2021 AGM (on April 22), the board is now recommending that Ken Hanna be re-elected to continue to serve as chairman and as a non-executive director for an interim period, to be determined by the board (but in any event, to expire no later than 31 December 2021), so that the company and board will benefit from continuity of leadership during the period to complete the acquisition,” said Aggreko in a stock exchange statement.
“The board intends that, on or as soon as reasonably practicable following the earlier of the completion or termination of the acquisition (or any subsequent offer that may be made), Ken Hanna will step down as chairman and as a non-executive director of the company.”
The offer from the new company called Albion Acquisitions Limited of £8.80 per Aggreko share in cash represents a premium of 39% to the closing price on February 4, the day before the offer was made public to the market.
Shares in Aggreko were trading around £8.85 on Thursday.