Perform to delist after Access confirms increase in stake

Digital sports media company Perform Group is to be delisted early next month after privately-held investment group Access Industries confirmed a further increase in its shareholding this (Thursday) morning.

Last month, Access increased its stake in Perform to above the 50-per-cent threshold, meaning it was then obliged to acquire all shares offered to it by shareholders who take up the company’s previously-submitted takeover offer of 260p per share.

This morning, Perform said: “Access Industries has confirmed that it now holds, or has been offered, a total of 77 per cent of Perform shares. This level of ownership starts a delisting process for the company, which is likely to happen around the December 5 this year.”

Access, which is owned by billionaire Len Blavatnik, tabled a final cash offer for Perform just over two months ago.

Access said that 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 acquiring a controlling stake.

In September, Perform urged its shareholders to reject the 260p-per-share offer, claiming that it undervalued the company.