Tinopolis in £44m acquisition deal
May 9 2008 By Sion Barry, Media Wales
A £44.7m private equity consortium takeover of Llanelli-based media group Tinopolis has been announced this morning.
Virtruvian Partners, has agreed a 45p per share deal with the board of Aim listed Tinopolis. Subject to shareholder approval the acquisition, which already has more than 50% of shareholder approval, should be finalised in July.
The offer represents a premium of 32.4% on Tinopolis’ closing share price of 34p yesterday.
Tinopolis director Rhys Davies said: "The acquisition by Vitruvian Partners represents an opportunity for Tinoplois shareholders to realise their entire investment in cash at a premium to the current share price, within a relatively short period of time.“
The acquisition fairly reflects the company's future growth prospects from executing its business plan as a publicly listed company."
Tinopolis, which owns the Mentorn and Sunset+Vine production subsidiaries, has credits including BBC1's Question Time and Channel 4 drama Britz.
Earlier this year the firm reported a 142% jump in full-year profits before tax for the year ending September 30 2007 to £2.56m.