NARS agrees 100p takeover by Carlyle

Directors of AIM-listed Nationwide Accident Repair Services (NARS) have accepted a £43.2m cash takeover offer from private equity colossus Carlyle, less than a month after major shareholder Quindell sold its stake at a lower price.

Carlyle has offered 100p per share, 13% higher than the share's closing price on Tuesday and a premium of roughly 45% to the volume-weighted average share price of 69.2p for the previous three months.

The NARS board felt the offer to be fair and reasonable and Carlyle, which has more than $194bn of assets under management in 128 funds, has also gained the backing of other shareholders representing a total of 60.6% of the shares.

NARS chairman Michael Marx said: "This offer enables Nationwide shareholders to realise value today in cash for their shares at a significant premium to the recent historical share price and a meaningful premium to the company's share price immediately prior to the date of this announcement.

"It also provides the business with the opportunity to realise its growth ambitions and build its UK presence in an accelerated way. Carlyle has a well-respected track record in the automotive sector and specific experience in the vehicle accident repair market.

"We believe that the offer is a good outcome for all Nationwide stakeholders."

AIM-listed Quindell, which had built up a 25% stake in NARS, sold out at 65p on 5 March.