GT advises on first PLC buyout by a not-for-profit

Grant Thornton has advised on what is believed would be the first ever buyout
by a not-for-profit organisation of a PLC.

Health and social care provider Housing 21 has offered to buy AIM-listed
Claimar Care in what has been valued at a £19.5m deal. The deal is still
awaiting Claimar shareholders’ approval.

‘This is the first time that a not-for-profit organisation has launched a
full takeover of a publicly quoted company in the UK,’ said Stephen Baker,
corporate finance partner at Grant Thornton.

‘The transaction posed the unique challenge of balancing the objectives and
philosophies of a social enterprise with the requirements of a corporate
transaction under the Takeover Code.’

The deal would enable Housing 21 to achieve greater efficiencies and position
itself as one of the principal providers in the community care sector.

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