Daisy acquisition of Phoenix IT Group passes final hurdle

Published: Tuesday, 14 July 2015 08:12

The acquisition of Phoenix IT Group by Daisy now looks certain to go ahead after a UK court sanctioned the agreement. The acquisition will be effected by means of a Scheme of Arrangement under Part 26 of the UK Companies Act.

Phoenix shares were suspended on the 9th July and the de-listing of Phoenix shares from the Official List of the FCA and the cancellation of trading on the London Stock Exchange have been applied for and are expected to take effect at 8.00 a.m. on 16th July 2015. After this, Phoenix shareholders will be entitled to receive 160 pence in cash for each Scheme Share held.