Gallagher Holdings Limited has acquired Abbey plc

Gallagher Holdings Limited (GHL), a long-standing shareholder of Abbey plc (Abbey), has acquired shares which triggered a requirement under Rule 9 of the Irish Takeover Rules to make a mandatory cash offer for the entire issued and to be issued ordinary share capital of Abbey. The offer of Stg 530 pence in cash for each Abbey share valued the entire issued ordinary share capital of Abbey at ca. US$183 million.

Following completion of the offer, GHL and persons acting in concert with GHL owned ca. 72.8% of the existing issued ordinary share capital of Abbey.

Abbey is an Irish-registered company quoted on the Enterprise Securities Market of the Irish Stock Exchange and on the London Stock Exchange AIM. Abbey’s principal activities are building and property development, plant hire and property rental.

Oaklins' team in Ireland acted exclusively as financial advisor to GHL on the takeover approach, managing the entire transaction process in adherence with the Irish Takeover Rules. This involved the publication of regulatory announcements, preparation of a detailed offer document on behalf of GHL and coordination of the their advisory team.