BT Group to Acquire Tikit Group for Approximately $102M
The boards of directors of British Telecommunications (NYSE: BT) and Tikit Group plc are pleased to announce that they have reached agreement on the terms of a recommended cash offer by which the entire issued and to be issued share capital of Tikit will be acquired by BT. It is intended that the Offer be effected by way of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act.
Under the terms of the Offer, each Scheme Shareholder will be entitled to receive 416 pence in cash for each Tikit Share held at the Scheme Record Time. The Offer values the issued and to be issued share capital of Tikit at approximately £64.2 million.
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