Berendsen agrees to takeover by french group Elis

The deal was agreed in prinicple after the French company raised its offer to £2.2bn

Elis is set to takeover Berendsen

Berendsen has agreed in principle to a takeover proposal from French rival Elis, following a revised offer of £2.2bn.

The workwear laundry service group, headquarted in the UK, had recently rejected a £2 billion offer by Elis, saying it did not reflect value being added by a planned expansion.

Berendsen said that its board would “recommend unanimously” the revised deal to its shareholders, subject to due diligence.

The new offer would value Berendsen at £12.50 per share excluding an interim dividend, at a premium of 45pc to its uninterrupted share price, and ahead of the previous offers of £11.73 a share and £11.00 a share tabled in late April and May.

Elis, a Euorpean provider of rental and maintenance services for textile and hygiene articles, with locations in France and South America, offers complete ranges of garments, accessories and consumables suited to cleanrooms.