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.
