Gooch & Housego's £345.6m takeover by US private equity firm Arlington Capital Partners has cleared its final court hurdle. Shares stop trading after tomorrow, and holders on the register at 6pm tomorrow receive 1,230p in cash.
Gooch & Housego (LON: GHH), the AIM-listed maker of light-based photonics components, has won court sanction for its £345.6m takeover by US private equity firm Arlington Capital Partners. The company announced the order at 11.45am today, and the shares did not move. Sanction is the judge’s formal approval of the deal.
A delayed quote at 12.20pm put the shares at 1,225p, unchanged on yesterday’s close. That is 5p, or 0.41%, below the 1,230p cash price. They have held between 1,195p and 1,230p since the offer was announced on the 16th of July.
The joint statement from G&H and the bidder said:
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G&H and Bidco are pleased to announce that the Court has today made the Scheme Court Order sanctioning the Scheme pursuant to which the Acquisition is being implemented.
Company announcement (G&H and Bidco)
All conditions are now met or waived except delivery of the order to the Registrar of Companies at Companies House, expected on Friday. The scheme becomes effective once that is done.
The buyer is Greenlight Bidco, a new vehicle owned indirectly by Arlington Capital Partners VII, L.P. Its 1,230p cash price is a 40.7% premium to the 874p close on the 15th of July, the last day before the bid. Holders on the register in June also received a 4.9p interim dividend paid in July, taking total value to 1,234.9p.
Directors recommended the deal unanimously. At the court meeting on the 26th of August, 79.17% of scheme shares voted were in favour, clearing the 75% a scheme of arrangement, a court-approved takeover route, requires.
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Gooch & Housego daily closes, 14 April to 13 October 2026, against the 1,230p cash offer.
Tomorrow is expected to be the last day of dealings, with the Scheme Record Time, the cut-off for who gets paid, at 6pm. AIM dealings are expected to be suspended by 7.30am on Friday and are not expected to restart, with admission to AIM cancelled by 7am on Monday.
Cash is due no later than 14 days after the effective date, which would be Friday the 30th of October if the scheme takes effect on Friday. The company says dates may change and any change would be announced.
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