LONDON – Blue Gem Capital Partners LLP has made a recommended cash offer for Liberty plc, the London department store, the company said in a statement Wednesday.
The offer of 141.8 pence, or $2.02 at current exchange per Liberty share, values the company at 32 million pounds, or $45.6 million.
Blue Gem, which has made the offer through a newly incorporated company, BGL, said it had received “hard irrevocable undertakings,” from shareholders who own 86.3 percent of Liberty’s stock that they would approve the offer.
An offer document will now be sent to Liberty shareholders for their approval.
Blue Gem confirmed earlier this month that it was in talks to buy Liberty, after Liberty announced last year that it was looking for either minority or majority investors to fuel its expansion.