Towry is to acquire Ashcourt Rowan in a £97m deal which will see the latter's CEO Jonathan Polin exit the firm.
Under the terms of the agreement, Ashcourt Rowan shareholders are entitled to receive 270p for each share plus 5p in loan notes. The terms value Ashcourt Rowan's issued share capital at around £97m, a significant premium to its closing share price on Friday 30 January. The company's shares surged 56% to 263.5p this morning following news of the agreement. Group chief executive Jonathan Polin (pictured) has shares worth 0.65% of the firm's share capital and has given irrevocable undertakings to back the deal. Polin, along with Ashcourt chairman Hugh Ward, will leave the business i...
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