Seraphine buyout and delisting to take place in April

Seraphine has confirmed that it is planning to delist from the London Stock Exchange this month after Purple Bidco, a subsidiary of Mayfair Equity Partners, reached an agreement to acquire over 95 percent of shares in the maternity brand.

The offer is expected to close on April 6, when Bidco said it intends to begin the implementation of the compulsory acquisition procedure to acquire the remaining Seraphine shares.

Shareholders who have not accepted the offer will each receive a notice outlining the firm’s intention to acquire the shares under the same terms as its original offer.

In a regulatory filing, Bidco also reconfirmed that, following the closing of the offer, Seraphine will be delisted on April 6.

The British company first floated on LSE in July 2021, but earlier this year, Mayfair, which initially had majority ownership of Seraphine holding 42.61 percent of shares, said it was looking to take the company back into private ownership.

Its offer to shareholders for shares that it didn’t own was 30 pence a share, a 90 percent decrease to the initial public offering price of 295 pence.

Mayfair’s decision to acquire the shares came after the business saw its share price plummet following its fall into the red.

In the year to April 3, 2022, Seraphine’s pretax loss widened to 36 million pounds from 3.8 million pounds in the year prior.