Tosca IOM Limited’s £1.1billion takeover of TalkTalk Telecom Group
TalkTalk is the UK’s leading value-for-money connectivity provider, supplying landline, broadband, TV and mobile services to over four million customers. TalkTalk listed on the London Stock Exchange’s Main Market in 2010 and is a constituent of the FTSE 250 index.
Tosca IOM Limited, a company formed at the direction of Toscafund Asset Management LLP and Penta Capital LLP is acquiring TalkTalk Telecom Group by way of a court-sanctioned scheme of arrangement.
The terms of the offer which was announced on 17th December 2020, entitles each TalkTalk shareholder to receive £0.97 in cash for each TalkTalk share, and as an alternative to the cash offer, TalkTalk shareholders may elect to receive unlisted shares in Tosca IOM Limited, valuing the company at approximately £1.1 billion.
The completion of the transaction which requires court approval is scheduled for March 2021.
The Perivan corporate actions team were delighted to have the opportunity to work closely with TalkTalk’s legal advisory team which included Partner Jonathan King, assisted by Senior Associate Kate Mellor and Associate Oliver Woods at international legal practice Osborne Clarke on the 124-page scheme of arrangement document plus a whole range of associated court action documents. These required communicating with over 6,300 TalkTalk shareholders and were successfully published on 5th February 2021.
Perivan specialise in the production and publication of financial documents relating to shareholder and investor communications for quoted companies, private companies and open and closed-ended funds