Rockwood Strategic’s (RKW)’s) portfolio company Crestchic, which accounted for 28.7% of RKW’s NAV as at 30 September 2022, has announced that it has agreed terms with Aggreko for a recommended cash offer to be made by Aggreko for the entire issued and to be issued ordinary share capital of Crestchic. Under the terms of the offer, Crestchic Shareholders are being offered 401p per Crestchic share in cash. The offer price is roughly a 13% premium to the undisturbed closing price of 356p per share on 8 December 2022.
Separately, Bonhill Group, another of RKW’s portfolio companies, which accounted for 3.5% of RKW’s NAV as at 30 September 2022, has announced that it has received a conditional offer of £6.6m in cash (equating to a price of approximately 5.5p per share) from a privately owned UK media company. The offer is for the assets and trade of Bonhill’s UK and Asia businesses and is subject to the completion of satisfactory due diligence. This is expected to complete in January 2023. Bonhill says that it has also received indicative conditional offers for its US business, InvestmentNews LLC, and that it will provide a further update once a preferred buyer has been selected.