Produce Investments Agrees To GBP53 Million Takeover By Promethean

Produce Investments, supplier of pre-prepared potato products as ingredients for food manufacturers, agreed to GBP53 Million Takeover by Promethean, provider of investment management, advisory, and other related services. The offer of 193 pence per share in cash values Produce as a whole at GBP53.0 million. The 193p offer is a 35% premium on the company's closing price of 143p. Produce's Chief Executive Officer Angus Armstrong said: "This transaction will allow Produce Investments to move to a more suitable private market environment for a company of its size, thereby eliminating the regulatory burden, constraints and costs of maintaining a public listing. Existing management will continue to run the business, and, along with them, I look forward to continuing to grow the business and serve our customers."