Gallagher Holdings Ltd made an offer to acquire remaining 4.38% stake in Abbey plc (ISE:DOY) for £14.4 million on December 10, 2020. As a part of transaction, Gallagher Holdings Ltd will acquire remaining 0.914418 million shares at a price of £15.75 per share. The offer will be financed using the existing cash resources of Gallagher Holdings Ltd. If sufficient acceptances are received, Gallagher Holdings Ltd intends to apply the provisions of Section 457 of the Companies Act 2014 of Ireland to compulsorily acquire any outstanding Abbey Shares not acquired or agreed to be acquired pursuant to the Offer or otherwise. Gallagher Holdings Ltd is supportive of the current management team of Abbey and confirms that, where employees of Abbey have existing employment rights, including pension rights, under applicable laws, those rights will be fully safeguarded. Gallagher Holdings Ltd does not intend to make any material change in the conditions or location of employment of Abbey employees, nor does it intend to change the location of Abbey’s places of business or redeploy Abbey’s fixed assets. Independent Committee comprising the Abbey Board, includes Anthony Quirke, Michael McNulty, and Robert Kennedy each of whom are Non-Executive Directors of Abbey, committee is excluding Charles Gallagher, David Gallagher and Avril Gallagher and excluding Lorenzo Fraquelli and Nick Collins. Subject to applicable requirements of the Euronext Dublin, the London Stock Exchange and the UK Listing Authority, GHL will seek to procure that Abbey applies for cancellation of the trading of Shares on the markets of the Euronext Dublin and of the London Stock Exchange. Independent Committee of Abbey based on the advice from Davy Corporate Finance unanimously recommend that Abbey minority shareholders accept the Offer. The acceptance of offer is open until February 28, 2021. As of March 1, 2021, the offer period is extended till March 26, 2021. As of March 29, 2021, the offer period is extended till April 21, 2021. Tom Godfrey and Stephen Beale of IBI Corporate Finance Limited acted as financial advisors to Gallagher Holdings Ltd. Brian Garrahy and Daragh O’Reilly of Davy Corporate Finance Limited acted as financial advisors to Abbey plc. Raymond Donegan of Oaklins team in Ireland acted exclusively as financial advisor to GHL. Brian O’Gorman and Tim Gleeson of Arthur Cox acted as legal advisors for GHL. Gallagher Holdings Ltd completed the acquisition of 3.2% stake in Abbey plc (ISE:DOY) for £10.5 million on April 21, 2021. Cancellation of admission to trading of the shares on AIM and Euronext Growth will take effect from April 30, 2021.