OAshtead Technology Holdings has confirmed that it has received an unsolicited, non-binding indicative proposal from Ember Infrastructure Management about a possible cash offer for the company.
The proposal, made on behalf of Ember’s managed and advised investment funds, is at 615 pence per Ashtead Technology share. It covers the entire issued and to be issued share capital of the company.
In a stock exchange announcement on 23 September, the board said it had noted recent press speculation. The proposal is the fourth from Ember. All four have been unsolicited and non-binding, and the board “unequivocally rejected” the first two. The announcement does not give the prices of the earlier proposals.
The board is considering the latest proposal with its advisers and is providing Ember with preliminary due diligence information. Shareholders have been advised to take no action. The company said there can be no certainty that an offer will be made, or as to the terms of any offer, and that a further announcement will be made as appropriate.
The announcement began an offer period under the Takeover Code. Ember has until 5pm on 21 October 2026 either to announce a firm intention to make an offer or to say that it does not intend to do so. The deadline can be extended only with the consent of the Takeover Panel.
Ashtead Technology made the announcement without Ember’s consent.
At the close of business on 22 September, the company had 80,976,397 ordinary shares in issue.
Deutsche Numis and Peel Hunt are acting as joint financial advisers and joint brokers to Ashtead Technology. Ashurst Perkins Coie UK LLP is its legal adviser.
