Privately-held investment group Access Industries has increased its stake in Perform to above the 50-per-cent threshold, it was confirmed today (Friday).
With a controlling stake, Access will be obliged to acquire all shares offered to it by shareholders who take up the company’s previously-submitted takeover offer of 260p per share.
The company, which is owned by billionaire Len Blavatnik, tabled a final cash offer for Perform just over a month ago.
Access said the bid was being made by AI PG LLC, which is part of the Access Industries Group. PVT, also part of the Access Industries Group, owned about 42.5 per cent of Perform before the latest acquisitions on the open market took the stake above 50 per cent.
Last month, Perform urged its shareholders to reject the 260p-per-share offer, claiming that it undervalued the company.
Access will now make its 260p-per-share offer unconditional by October 7.