Ashtead Technology Holdings said on 23 September that it was considering an unsolicited takeover proposal from Ember Infrastructure Management at 615 pence a share.
The board said it had received a non-binding indicative proposal from Ember, on behalf of its managed and advised investment funds, about a possible cash offer for the entire issued and to be issued share capital of the company.
The proposal is Ember’s fourth. It said it had unequivocally rejected the first two of the three earlier unsolicited and non-binding proposals, and was considering this one with its advisers and providing Ember with preliminary due diligence information.
Ashtead Technology made the announcement after press speculation and without Ember’s consent. It advised shareholders to take no action and said there was no certainty that an offer would be made, nor as to the terms of any offer.
Under the City Code on Takeovers and Mergers, Ember has until 5pm on 21 October 2026 either to announce a firm intention to make an offer or to say that it does not intend to do so. The deadline can be extended only with the consent of the Takeover Panel.
The announcement has started an offer period for the company. At the close of business on 22 September, Ashtead Technology had 80,976,397 ordinary shares in issue, traded on the main market of the London Stock Exchange.
Deutsche Numis and Peel Hunt are acting as joint financial advisers and joint brokers to Ashtead Technology, and Ashurst Perkins Coie UK LLP is its legal adviser.
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The company said a further announcement would be made as appropriate.
