The outsourcing company Newcourt Group today confirmed its €22 million bid for Irish company Ely property.
Ely's portfolio includes student accommodation, sales and leaseback, healthcare related properties and property management.
Ely, which saw its 2005 turnover jump 213 per cent to €4.5 million, listed on London's Alternative Market (AIM) last August.
Newcourt's bid values each Ely Share at 5.632 pence and values the entire issued and to be issued share capital of Ely at approximately £15.2 million (€22.1 million).
The offer will be subject to certain conditions including the acceptance by Ely shareholders holding not less than 80 per cent.
Mr Laurence Davis, chairman of Ely said "that he, and the other directors of Ely, were pleased to recommend the offer from Newcourt as it represented a fair and reasonable price for all shareholders and commands a premium to the share price available in the market".
He said: "The growth in the Ely business to date had been somewhat restricted due to the lack of scale of the company and that the acquisition by Newcourt should facilitate faster growth."
Chief executive of Newcourt Ted O'Neill said that "Newcourt is very pleased to have agreed a recommended offer for the aquisition of Ely".
He said: "The business of Ely which is primarily the promotion and facilitation of infrastructural accommodation projects in the areas of third level student accommodation, pre-school learning premises and private hospitals and clinics, is a natural addition to the support and outsourced services businesses already operated by Newcourt."