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Oakley advises IMD Plc on public takeover by Vitruvian
Completed Transactions - IMD Logo
Transaction Type:
Disposal, ECM
May 2011
Deal Value:

Oakley Capital Corporate Finance (”Oakley”; the “Company”) has enhanced its media credentials with the sale of Independent Media Distribution plc (“IMD”) through a public takeover process to Lausanne Acquisitions Limited, a company controlled by investment partnerships advised by Virtuvian Partners LLP, the independent private equity fund. The Offer of 91 pence per share valued IMD at approximately £33.9m. Oakley, the mid-market Corporate Finance and Corporate Broking specialist, advised the Independent Directors of IMD on whether the Offer terms were fair and reasonable under Rule 3 of the City Code on Takeovers and Mergers. The acquisition was completed by way of a Scheme of Arrangement.

IMD is a provider of media logistics solutions, operating in the UK, Ireland, Germany, Switzerland, Austria and France. The Company provides content distribution and advertising data services to creative and media agencies, post production houses, broadcasters and online publishers.

The acquisition price of 91 pence per share represented a premium of 13.8 per cent to the closing pricing of 80 pence per IMD share on February 25th 2011, the last business day before the announcement of the Offer. Based on IMD’s last reported net cash balance, the acquisition represented an enterprise value of approximately £32.9m, equating to 10.3 times IMD’s pre-exceptional EBITDA of £3.2m for the year ending 31 December 2010, the last reported full year results period.

Daniel Havercoft, Director, said,

“IMD has been a long term relationship for Oakley and we were delighted to be asked to provide the Independent Directors with an opinion on whether the Offer by Vitruvian was fair and reasonable. The role for IMD underlines our credentials in the media sector, which is a core area of focus for Oakley. In addition, it underlines our capability with regards to public markets transactions, where we managed the process for IMD end-to-end including liaising with the relevant regulatory bodies.”

For further information please contact:
Daniel Havercroft, Managing Director
+44 207 766 6900

*Completed by Oakley Capital Corporate Finance

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