Kunick PLC, the UK gaming machine and leisure services company, has confirmed today that it has received a bid from a management team led by Colin Daniels to take the company private. The bid is being backed by Electra Partners Europe.
In a statement Kunick said that: “the Board asked management to evaluate the possibility of taking the business private in order to deliver value for shareholders, while finding the appropriate capital structure to fund long-term development of the business.
Kunick had a turnover of £159m last year and pre-tax profits of £9.71m. In the year prior to that these figures were £149m turnover and a loss of £5.4m – a time when the company issued two profits warnings and its CEO, Russell Smith resigned. Colin Daniels was his successor and set up restructuring the business and selling off non-core assets.
Kunick’s share price was 13.8p on Friday, giving the company a market capitalisation of £30.3m. In the statement Kunick said that it expected the offer to come in at 17.5p per share, valuing it at £40m. Prior to the profit warnings in 2000, Kunick's share price had reached 38p.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: