UK: Brake Brothers agrees to £434m takeover
After two months on the market, British foodservice supplier Brake Bros has today [Tuesday] found a buyer in the shape of private equity firm Clayton, Dubilier & Rice (CD&R). The board of CD&R, through its CDRP Acquisition PLC subsidiary, offered a cash deal of a £8.25 (US$12.39) per Brake Bros share. This represents a premium of 39% to the closing middle market price of £5.925 per Brake Bros share on 8 March 2002, when the firm said it would consider a sale as there is no obvious successor following the imminent retirement of 68-year-old chairman Frank Brake.
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