Cambian surges as it confirms approach from rival CareTech
Social care services group Cambian shot higher on Tuesday after confirming that it has received a proposal from rival CareTech regarding a possible cash and share offer.
Cambian Group
192.40p
16:50 17/10/18
CareTech Holding
750.00p
16:14 26/09/22
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Following press speculation a day earlier, Cambian said in a statement that it had received a proposal regarding an offer valuing the shares at 220p each, with a full cash alternative at 200p per share, which may or may not result in an offer.
"The proposal is at a preliminary stage and there can be no certainty any offer will be made, nor as to the terms of any offer," it said, adding that a further announcement will be made in due course.
CareTech, which has until the end of play on 7 August to either announce a firm intention to make an offer or walk away, said the cash consideration would be funded through new debt facilities.
At 0922 BST, Cambian shares were up 33% to 196.78p.