Food and hospitality finance company Silver Chef has entered into an agreement with a consortium of investors backed by private equity firm Next Capital to offload its hospitality subsidiaries for $18.25 million after securing the support of a major shareholder.
Blue Stamp Company, which own 19.99 per cent stake in Silver Chef, previously threatened to block a deal with the Next Capital-led consortium, claiming the offer undervalued the listed business.
But in an announcement to the market on Monday, Silver Chef said Blue Stamp had agreed to support the latest bid, in the absence of a superior proposal.
As part of the transaction, Silver Chef will undertake a restructure so that all of the assets and liabilities of the hospitality business, including a debt facility and warehouse securitisation facility, will be novated to the hospitality group and amended so that Silver Chef will be released from completion…see full article.
