Ten Entertainment to be bought by US PE firm Trive Capital for £287m
Ten Entertainment Group Plc (TEG)
(Sharecast News) - Bowling operator Ten Entertainment said on Wednesday that it has agreed to be bought by US private equity firm Trive Capital Partners for £287m.
Under the terms of the deal, Ten Entertainment shareholders will receive 412.5p per share in cash. This is a 33% premium to the closing share price on Tuesday.
Ten Entertainment chair Adam Bellamy said: "TEG is one of the UK's largest listed leisure businesses, with a highly capable management team and a strong track record of growing sales and profit. In particular, since reopening after the Covid pandemic, TEG has achieved record results with group adjusted profit before tax of £26.1m delivered in FY22.
"I am confident that the growth strategy we have in place for the business will continue to deliver for all our stakeholders. However, whilst TEG has performed well in the public markets in comparison with its peers, the acquisition provides all TEG shareholders with the opportunity and certainty of an exit which I believe recognises the underlying value in our business."
He said the price offered by Trive represents an attractive premium and that TEG's directors "have no hesitation" in recommending the offer.
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