Aberdeen-based subsea technology firm Ashtead Technology on Wednesday ​said it has received a ‌non-binding indicative takeover proposal from Ember Infrastructure Management pitched at £6.15 per share that values Ashtead ​at about £498 million.

“The Board of Ashtead Technology Holdings plc notes the recent press speculation and confirms that it has received an unsolicited and non-binding indicative proposal from Ember Infrastructure Management, LP (on behalf of its managed and advised investment funds) in relation to a possible offer to acquire the entire issued and to be issued share capital of Ashtead Technology for cash,” said Ashtead Technology.

“The Proposal follows three previous unsolicited and non-binding indicative proposals from Ember, the first two of which were unequivocally rejected by the Board of Ashtead Technology.

“The Proposal is at a price of 615 pence per Ashtead Technology share. The Board of Ashtead Technology is considering the Proposal with its advisers and is providing Ember with preliminary due diligence information.

“Shareholders are advised to take no action at this time. There can be no certainty that an offer will be made, nor as to the terms of any offer if made. A further announcement will be made as appropriate.

“In accordance with Rule 2.6(a) of the Code, by not later than 5.00 pm (London time) on 21 October 2026, Ember must either announce a firm intention to make an offer for Ashtead Technology in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for Ashtead Technology, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.

“This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.

“As a consequence of this announcement an ‘offer period’ has now commenced in respect of Ashtead Technology, in accordance with the Code. The attention of the Company’s shareholders is drawn to the disclosure requirements of Rule 8 of the Code, which are summarised below.

“For the purpose of Rule 2.5(a) of the Code, this announcement has been made by Ashtead Technology without the consent of Ember.”