Brady secures £5mln loan as Hanover takeover succeeds

Software group Brady PLC (LON:BRY) has secured a £5mln loan from investment house Hanover after a takeover offer from the private equity firm allowed it to secure control of the company.

Hanover had initially offered 10p per Brady share, valuing the group at £8.3mln, however, on Monday this was increased to 18p per share, or £15mln.

READ: Brady rockets as it receives possible counteroffer to Hanover takeover bid

On Wednesday, Hanover secured acceptances from Bradys investors giving it control of around 55% of the shares, meaning the takeover offer will now become unconditional for all remaining shares in the company.

Brady said it will draw down £3mln under the new faciliRead More – Source