- The board of Bidco and the independent directors of Premier Technical Services Group (PTSG) have reached agreement on the terms of a recommended all cash offer pursuant to which Bidco, a newly-incorporated company established on behalf of a subsidiary of Australian bank Macquarie, will acquire PTSG.

The takeover offer is 210.1p, a 141.5% premium to yesterday's closing price.

Commenting on the transaction, John Foley, chairman of PTSG, said: 'PTSG undertook an IPO in February 2015 with a clear plan to grow both organically and through carefully selected acquisitions.

'Between the financial year ended 31 December 2015 and the last financial year ended 31 December 2018, reported revenue and adjusted EBITDA have grown at an average annual rate of 39% and 40% respectively.

'PTSG continues to have a significant pipeline of carefully identified acquisition opportunities which it would like to execute to confirm a strong position in the chosen niche specialist testing and compliance sectors in which it operates.

'Against the backdrop of an increasingly competitive market for acquisitions, with a need to close deals quickly and fund them effectively, I believe that Macquarie's deep access to funding will better position PTSG to continue with its acquisitive growth strategy.'

At 8:28am: [LON:PTSG] Premier Technical Services Group Plc share price was +117p at 204p

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