Waterman recommendeds CTI Engineering's 140p-a-share offer

Shares in Waterman zipped more than 80% higher after CTI Engineering Co Ltd's cash offer for equities in the company it has not already agreed to buy.

Waterman said shareholders would get 140p a share in cash, a premium of 83.01% to the closing price of 76.5p on 8 May. This was CTI's first acquisition outside of Japan.

The offer was not conditional on any antitrust or regulatory clearances.

"The Offer is conditional upon ... CTI receiving valid acceptances in respect of and/or having otherwise acquired or agreed to acquire Waterman Shares which constitute more than 50% in nominal value of Waterman shares and represent more than 50% of the voting rights attached to those shares."

CTI intended to retain Waterman's senior management, London HQ, name and business model.

"The combination of CTI and Waterman will create a leading multi-disciplinary consultancy with a presence in the UK, Ireland, Asia and Australia."

At 11:23 BST, shares in Waterman Group were up 81.05% to 138.5p each.