Offer for Baydonhill PLC

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Our PLC Advisory Team (including Andrew Davison, Philip Clare, Sarah Forster, and Matthew Walsh) advised the Board of Baydonhill plc, a longstanding client of the firm, in relation to a recommended takeover offer by Earthport plc.

Baydonhill is a London based currency exchange brokerage that provides a personalised service to both corporate and private clients, giving them access to international money transfers at commercial rates.  Its shares were previously traded on the London Stock Exchange’s Alternative Investment Market (AIM) and were, before the offer was made, traded on BRITDAQ.

Earthport is a global financial services organisation, providing international payment services for its clients in over 50 countries. Its shares are traded on AIM. The offer for Baydonhill was part of its overall strategic expansion plans.

Our team advised Baydonhill throughout the process, which involved both a cash offer and a cash plus a deferred element alternative.

The offer was announced on 18 September 2013 and was declared wholly unconditional on 18 October 2013.

Julian Kelly, Finance Director at Baydonhill plc, commented:

“This deal presented an excellent opportunity for Baydonhill to develop its services and expand its business as part of a larger group.  The two companies complement each other well and this is an exciting development for us.

“Muckle did a great job on what was an extremely complicated and intense transaction.  They worked closely with us to guide us through the process, displaying an excellent knowledge of the Takeover Code and a very commercial approach to overcoming problems encountered along the way.  The team, led by Philip Clare, worked well beyond our expectations on the takeover.”

Andrew Davison, Partner and Head of the PLC Advisory Team at Muckle commented:

“We were delighted to work with Baydonhill on this important deal. The terms were particularly complex, including a contingent value right which required detailed negotiation between the parties and with the Takeover Panel.

We hope the acquisition is a great success for both Baydonhill and the wider Earthport group.”

For more information, help or advice please contact Andrew Davison on 0191 211 7950.