Charles Taylor agrees higher takeover offer from Lovell Minnick

Charles Taylor has agreed an increased takeover offer from US private equity firm Lovell Minnick Partners.

The company announced in September that it had agreed an offer of 315p a share with Lovell. However, Charles Taylor said on Friday that since that first offer, it had received a renewed approach from a party with whom it had held previous discussions, which would have been at a higher price.

As a result, Lovell upped its bid to 345p a share. Shareholders will also still be entitled to retain the interim dividend of 3.65p a share without any consequential reduction in the officer price.

The increased offer represents a premium of about 46.8% to the closing share price of Charles Taylor on 18 September and values the company at around £285m.

At 0950 GMT, the shares were up 10% at 350.10p.