Public to private of Cobra Holdings Plc

Deal typeM&A
IndustryFinancial Services

Our Mergers & Acquisitions team acted as financial advisor to Alto Intermediary Group Limited in connection with its recent offer for COBRA Holdings plc. Alto is a new company that was formed by members of management for the purposes of the take-private of COBRA. COBRA is an insurance broking group that traded on AIM.  The offer valued the ordinary shares of COBRA at £7.3m and the convertible loan notes at £7m. The cash element of the offer was financed by debt from Maquarie Bank and a significant number of irrevocable undertakings were received from shareholders to elect for the share alternative. Two members of the management team behind Alto were joint offerors in accordance with the Takeover Code and the arrangements relating to the other member of the team were approved by an independent shareholder vote.  

"BDO delivered a high quality service with a combination of pragmatic advice and dedication by working with us at every turn to make the transaction happen. We would have no hesitation in recommending BDO's Corporate Finance team following this experience".

David Stanley, Director, Alto Intermediary Group Limited