Goals bidder Teachers suffers shock defeat
The match to take over Goals Soccer Centre, which had already dragged into extra time, yesterday ended in a shock defeat for the £73m bidder.
To the surprise of analysts, shareholders in the company – which operates 43, five-a-side football centres in the UK as well as one in the US – failed to back an offer from Canadian pension fund the Ontario Teachers' Pension Plan.
Goals' board had agreed to the approach from Ontario in July, but with it requiring 75 per cent of independent shareholders voting at yesterday's meeting to back the move, only 71.4 per cent did.
The 80 shareholders – mainly institutions – who did vote between them hold 30.5m shares, just over 60 per cent of the total number of shares in issue. With the £73.1m offer worth 144p-a-share, shares in Aim-listed Goals slumped 20 per cent, or 29p, to 115.5p.
The decision prompted surprise among analysts, with those at the broker Panmure Gordon saying they "cannot remember a similar instance where shareholders have voted down a firm bid with no alternative offer and the obvious immediate share price downside".
The bid process has been running since early April with four extensions granted by the Takeover Panel.
Goals' rival, Powerleague owner Patron, did look at making a bid for the company, but dropped out earlier this month.
"Obviously we are disappointed that we have not struck a deal", said Goals' managing director Keith Rog-ers, who holds an 8 per cent stake in the company.
"However, to have a significant percentage of shareholders believing that our company is worth considerably more is testament to the great business we have built.
"We are totally focused on our stated strategy to continue to build on the considerable success that has already been achieved," he added.
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Shock poll shows voters believe Ukip is to the left of the Tories
New era of cheap oil 'will destroy green revolution'
Ukip founder Alan Sked and Nigel Farage 'begged Enoch Powell to stand as a candidate'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
iJobs Money & Business
£32000 - £35000 per annum + benefits: Ashdown Group: Marketing Services Manage...
£Neg. (DOE) + Excellent Benefits: Guru Careers: A Finance Account Manager with...
£40000 - £470000 per annum + bonus: Ashdown Group: Java Developer / J2EE Devel...
£45000 - £55000 per annum + Benefits: Ashdown Group: An exciting opportunity h...