StockMarketWire.com - Media logistics services provider Independent Media Distribution plc has agreed to accept a 91p a share takeover by private equity group Vitruvian.

The acquisition values IMD at about £33.9m.

The offer price represents a premium of 13.8% to the latest closing price.

A new company, Bidco, has been formed for the deal, controlled by the Vitruvian Fund advised by Vitruvian Partners.

David Haynes, an independent director of IMD, said, 'The acquisition represents an opportunity for IMD shareholders to realise their investment in IMD, in cash, at a premium to the current IMD share price.

'The independent directors are pleased to recommend the acquisition which we believe, in the context of the risks and opportunities faced by the company, represents an attractive valuation for IMD shareholders.'

The acquisition will be implemented by means of a court-sanctioned scheme of arrangement, subject to shareholder approval.

Shares rose 9p to 89p.







Story provided by StockMarketWire.com