British subsea technology company Ashtead Technology has received an unsolicited takeover proposal from Ember Infrastructure Management valuing the company at approximately £498 million, or about $660 million.
Ember proposed paying 615 pence per Ashtead share in cash.
The proposal is non-binding and does not constitute a completed acquisition.
Ashtead’s board said it is considering the approach with advisers and has begun providing Ember with preliminary due-diligence information.
The latest proposal follows three previous unsolicited and non-binding approaches from Ember. Ashtead said its board unequivocally rejected the first two.
Under Britain’s takeover rules, Ember has until 5 p.m. London time on October 21 to either announce a firm intention to make an offer or state that it does not intend to proceed, unless the deadline is extended with the consent of the Takeover Panel.
Ashtead has advised shareholders to take no action.
The company also emphasized that there is no certainty a formal offer will ultimately be made or that any eventual offer would retain the terms currently proposed.
Ashtead provides subsea equipment and technology services supporting offshore energy and marine infrastructure.
That gives the takeover interest broader relevance as investment continues across offshore energy, subsea infrastructure and related services.
For shareholders, the immediate issue is whether Ember converts its indicative 615-pence proposal into a binding offer and whether Ashtead’s board ultimately considers the valuation sufficient.
Until then, the transaction remains a potential takeover rather than an agreed acquisition.
