ODYSSEY INVESTMENT Partners, a New York-based buyout firm, has received support from a majority of shareholders in EAG Ltd to acquire the materials science company for about £86.8 million (€109.5 million).
EAG, which was founded in September 2005, has its main operational base in California. It domiciled in Ireland in 2007 before it listed on London's AIM.
The hi-tech testing business, involved in analysing solid materials for the research and development of products such as semiconductors, contact lenses and aircraft engines, employs 400 people worldwide. It has one Dublin-based employee.
Odyssey first made a bid of £1.10 a share or about £73.4 million on July 18th.
That bid was followed on July 30th by a rival bid from US firm SVTC Technologies of £1.20 a share or about £80.1 million. Odyssey increased its offer to £1.30 on August 13th.
Odyssey now has the support of shareholders representing a 71.5 per cent stake in EAG, as well as EAG's independent directors, who are unanimously recommending that EAG shareholders accept the increased offer. EAG's independent directors said the terms of Odyssey's offer were "fair".
William Hopkins, one of the founders of Odyssey Investment Partners, said that the proposed transaction has received valid acceptances of more than 38 per cent, contribution and subscription agreements of 15 per cent and further irrevocable commitments from more than 17 per cent of EAG's shareholder base.
Odyssey Investment Partners manages over $1.5 billion of capital in two private equity funds, a $760 million fund that was raised in 1998, and a $750 million fund that was raised in 2005.
