Cork founder leads buyout of Calyx
Maurice Healy, the Cork businessman who founded IT group Calyx, has led a management buyout of the company in a deal worth stg£70.2m, or €103.8m.
The board of telecommunication and IT supplier Calyx has reached agreement on a takeover by a consortium which includes a management team led by chairman and chief executive Mr Healy.
Calyx shareholders will receive 101p per share, a premium of almost 24% on the price on March 12, the last day before the offer proposal was announced.
Mr Healy owns 19.3 million Calyx shares, representing 27.8% of the company, but will exchange 13.5 million of these for his stake in Stornoway, the takeover vehicle. The rest will be exchanged for cash under the deal.
