PI Industries Limited (BSE:523642) entered into an agreement to acquire Plant Health Care plc (PHC) from a group of shareholders for £31 million on June 26, 2024. Under the terms of the Acquisition, each PHC shareholder will be entitled to receive: 9 pence in cash for each PHC Share held.

The cash consideration payable to the Plant Health Care shareholders under the terms of the acquisition will be funded from the existing cash resources of the Wider PI Group. The transaction is subject to approval of PHC board and shareholders. The transaction is also subject to Court approval, Antitrust Approvals, Third Party, regulatory approvals. The PHC Directors, who have been so advised by Cavendish as to the financial terms of the Acquisition, consider the terms of the Acquisition to be fair and reasonable. Accordingly, the PHC Directors unanimously recommend that Scheme Shareholders vote in favour of the Scheme. The transaction is expected to close in Q3, 2024. Scheme will become effective on August 20, 2024.

Neil McDonald and Pete Lynch of Cavendish Capital Markets Limited acted as financial advisor for PHC. Nick Cowles, James Edis and Louisa Waddell of Zeus Capital Limited acted as financial advisor for PI Industries. Shoosmiths LLP acted as legal advisor to PI Industries. DWF Law LLP acted as legal advisor to PHC. Neville Registrars Limited is acting as registrar for PHC.