LONDON (Thomson Financial) - Valad Hurst Ltd is in an agreed recommended 191
pence per share cash offer to acquire Teesland PLC, valuing the company at about
239.95 mln stg.
Valad currently owns about 72.33 pct of Teesland.
It has received a pre-completed form of acceptance from Polygon Global
Opportunities Master Fund for about 33.53 mln shares or a 26.69 pct in Teesland,
and about 96.46 pct Teesland shares it does not currently own.
Teesland directors said they believe that the offer is in the best interests
of its shareholders and intend to unanimously recommend the offer.
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