Mears makes £22.2m offer for Careforce

Posted on March 1st, by editor in Caring Times. No Comments

Major homecare provider Careforce is likely to be sold to Mears, a social housing and property maintenance group, for £22.2 million. While the sale is yet to be finalised, 55 per cent of Careforce shareholders have already undertaken to accept the offer of 150p in cash for each Careforce share, a premium of 38.5p above the average closing price prior to the announcement of the offer. When Careforce floated as an AIM-listed company in November 2004, the company was valued at about £14.5 million. In the past two years the company has acquired has grown by acquisition, buying-up a number of smaller homecare providers. In an interview with Caring Times, Mears chief executive Bob Holt said the acquisition of Careforce would be an expansion of Mears’ public sector services into the the community domiciliary care provision market. “There are enormous opportunities ahead for both our existing business and the sector we are moving into,” said Mr Holt. Mears, an AIM-listed company, is the leading social housing

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