Endless in £19m office2office take-private

The offer sees Endless paying 51 pence per share, representing a premium of 84.6% of o2o's closing price of 27.652 pence on 20 August. The offer values the company at £19m. However, at the time of writing, o2o's share price had risen to 48.25 pence.

The bid is subject to shareholder consent and court approval, expected before the end of September.

Endless has spotted an opportunity to combine o2o with existing portfolio company Vasanta, a wholesaling and contract stationery business. According to the turnaround house, the enlarged group would be better placed to provide an alternative stockless supply model to its dealer customers.

The deal will be financed with £23.3m fixed rate secured loan notes, which mature in 2019.

Listed on the main marked of the London Stock Exchange, o2o provides business supplies and outsourced business services to both private and public sector clients.

Headquartered in Norwich and employing 900 staff, o2o recorded revenues of £231.9m in 2013, with underlying profit before tax coming in at £4.2m.

Mathew Deering is investment director for Endless leading the deal.

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