Penta makes bid for Daisy

The consortium has approached Daisy with a cash offer of 190 pence per share, giving the company a market cap of around £507.2m. Daisy's market cap currently sits at slightly less at £500.86m.

Toscafund already holds a stake of 28.5% in Daisy, while CEO Riley owns a 23% shareholding. The deal would see Daisy de-list from the London Stock Exchange (LSE).

Following Daisy's announcement of the offer, the three parties have until 10 September to either announce a firm bid to take the business private or withdraw their offer.

Founded in 2001 and headquartered in Nelson, Lancashire, Daisy is a provider of business broadband, voice-over-internet protocol, phone lines and mobiles services, and cloud and hosting systems. It listed on the AIM of the LSE in July 2009.

The company has three divisions: Daisy Wholesale, Daisy Distribution and Daisy Retail.

It generated £352.7m in revenues for the year ending March 2014, with an adjusted EBITDA of £57.9m. Net bank debt as of March 2014 stood at £111.3m.

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