Foresight Sustainable Forestry share price soars 30% on £167m cash offer

97p per share

Foresight Sustainable Forestry shares have surged over 30% today (29 May) after the board agreed to a £167m cash offer put forward by a company managed by Foresight Group, the trust’s investment adviser.

In a stock exchange notice, the trust said it had reached an agreement with Arizona Bidco, a wholly-owned subsidiary of Averon Park, to acquire the entire ordinary shared capital of the trust that it does not already own for 97p per share in cash.  The offer represents a premium of around 32.8% to the closing price of 73p per share on Tuesday (28 May), and a discount of approximately 5.1% to the unaudited net asset value of the trust of 102.2p per share, as at 31 March.  Arizona Bidco is a newly-incorporated special purpose vehicle established by Blackmead, which owns 29.6% of FSF's i...