Medica agrees to GBP269 million all-cash takeover by IK Investment

(Alliance News) - Medica Group PLC on Tuesday said it has agreed to an all-cash takeover by IK Investment.

The Hastings, England-based provider of services such as x-ray and MRI scan analysis to hospitals said the takeover will be implemented via a scheme of arrangement which was sanctioned by the High Court of Justice in England and Wales on Tuesday.

On June 9, a majority of shareholders at the court meeting and general meeting voted for the GBP269 million takeover by Moonlight Bidco, which is a wholly owned vehicle of IK Investment.

Medica said it expects the takeover to become effective by July 6, upon the delivery of the court order.

The company said it has applied for the suspension of Medica shares on the Main Market of the London Stock Exchange.

Medica shares rose 0.5% to 212.00 pence per share on Tuesday afternoon in London.

By Harvey Dorset, Alliance News reporter

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