McCarthy & Stone agrees £630mln takeover by US private equity group Lone Star

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McCarthy & Stone PLC (LON:MCS), the sheltered housing specialist, has agreed to a takeover from US private equity group Lone Star.

The offer, pitched at 115p per share, values the group at £630mln and is a near 39% premium to the market price at the close last night.

The elderly have been especially vulnerable during the coronavirus outbreak and McCarthy & Stone was forced to close operations from March along with other building contractors.

In the six months to end April, 2020, the group posted a loss of £91.3mln and said that going forward it would switch its emphasis to be more of a service-led organisation.

Lone Star said it recognised the achievements of McCarthy so far and that the acquisition offered it an opportunity to move into the UK retirement living sector.

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