Atlas acquisition of De La Rue gets regulatory OK in Malta
De La Rue Plc announced on Thursday that a key regulatory condition to its recommended acquisition by ACR Bidco, a company controlled by funds advised by Atlas Holdings, had been satisfied following clearance from Malta's National Foreign Direct Investment Screening Office.
The London-listed security printing specialist said the clearance under Malta's National Foreign Direct Investment Screening Office Act removed one of the final regulatory obstacles to the all-cash takeover, which was first announced in April and was set to be effected by way of a court-sanctioned scheme of arrangement.
It followed earlier approvals, including shareholder consent obtained on 3 June and confirmation on 11 June from the UK Secretary of State that no further action would be taken under the National Security and Investment Act.
With the Maltese condition now met, De La Rue said the scheme remained subject to a small number of remaining conditions, including court approval at the sanction hearing scheduled for 30 June.
If approved, the scheme was expected to become effective on 2 July.
Applications had already been made to the Financial Conduct Authority and the London Stock Exchange to cancel the admission of De La Rue's shares to trading on the Main Market.
The cancellation was expected to take effect the day after the scheme became effective.
Under the terms of the agreement, Atlas Holdings would acquire all issued and to-be-issued shares of De La Rue.
At 1113 BST, shares in De La Rue were up 0.19% at 129.25p.
Reporting by Josh White for Sharecast.com.
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