Perform de-lists following takeover

Perform Group this morning completed the de-listing of its shares from London’s Stock Exchange following the completion of its takeover by major shareholder Access Industries.

In an announcement to the market, the sports data supplier confirmed it was no longer available for public trading and revealed its new controlling shareholder now held an 87% stake in the firm.

Last month, Perform announced it was to de-list as part of the takeover process, which first got underway in September after Access Industries tabled a £410m bid at 260p per share as it looked to assume full control of the firm.

Perform had advised shareholders to reject the offer believing it undervalued the firm, however, over the course of the last three months Access Industries’ shareholding increased from its initial 42.5% to almost 90%.

Despite the takeover and subsequent de-listing, Perform joint-CEO Simon Denyer insisted it was “business as usual” at the firm and declared its recent performance to be in line with expectations.

“For Perform and our staff and business partners it is business as usual and now that we have certainty in place around the ownership of the company we look forward to progressing with a number of plans to expand further into new areas that we feel offer significant opportunities for us,” Denyer said.

Perform has enjoyed mixed fortunes over the past couple of years. In the summer of 2013 it completed the acquisition of leading sports data company Opta for £40m but late last year was forced to issue a profit warning which saw its shares crash to 180p, prompting the company to embark on a cost-cutting exercise.

However, Access Industries CEO Lincoln Benet today said his firm was “excited by the company’s huge potential”.

“We look forward to working with the Perform management as the company delivers its growth strategy,” Benet said.