Slaughter and May is advising Ascential on a recommended all-cash offer by Informa for the entire issued and to be issued share capital of Ascential, to be effected by means of a court-sanctioned scheme of arrangement.
Under the terms of Informa’s offer, Ascential shareholders will be entitled to receive 568 pence per Ascential share. In addition, it has been agreed that if Ascential completes a disposal of Hudson MX prior to the date of the scheme sanction hearing, the net sale proceeds of the disposal will be returned to Ascential shareholders by way of a cash dividend. The offer values Ascential at approximately £1.2 billion and represents a premium of approximately 53% to Ascential’s closing share price prior to the commencement of the offer period, and a 67% premium on a sixty day VWAP basis. Subject to satisfaction of conditions, the transaction is expected to complete in Q4 of 2024.
The offer by Informa follows the successful completion of Ascential’s strategic review, including the sales of its digital commerce and product design businesses and a subsequent return of value by way of tender offer, special dividend and share buyback, on which Slaughter and May also advised.
Slaughter and May is working closely with Kent Dreadon (Chief Operating Officer), Naomi Howden (Company Secretary) and Patrick Carter (Senior Corporate and Commercial Counsel) at Ascential.
Alessia Ezewoko / Trainee, Evie Lang / Trainee, Natasha Neale / Trainee, Anish Rajpal / Trainee, Angus White / Trainee