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Premier MBO goes ahead

Senior managers at Premier Asset Management have pushed through their proposed management buyout at the second attempt.

The team’s management buyout vehicle, Harvard Bidco, has announced that the offer is set to go wholly unconditional after it passed the required target of 75 per cent of shares to take the company private.

Harvard initially met opposition to the deal from several shareholders but had acquired over 53 per cent of shareholders’ approval by August 24 and then acquired a further stake of over 20 per cent.

The final offer for the remaining shareholders is on September 11.

Premier chief executive Mike O’Shea says: “The offer has gone unconditional despite the resistance of the likes of the Water Hall Group. We will now look to de-list as Premier becomes an intermediary holding company for Harvard Bidco.”

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