Titan Holdings has bought outdoor advertising company, Maiden, for just under £50 million, with the deal accepted this morning by 57% of Maiden’s shareholders.
Maiden is believed to be around £39 million in debt and has struggled in recent months, pulling out of the race for Irish rail and bus operator, CIE, at the end of last year in order to examine “strategic options” for the company (see
Titan Scoops CIE Account From Hopeful Viacom Outdoor).
Titan has reportedly agreed a price of 20 pence for each share in maiden.
Speaking to Reuters this morning, Ronald Zeghibe, chief executive for Maiden, said: “We have looked at a wide variety of strategic options. However, in view of the position taken by our banks, we now have no alternative but to accept the offer from Titan, which in the circumstances is the best available for Maiden shareholders, its employees and customers.”
The deals puts an end to industry speculation that Maiden would be unable to find a suitable buyer, after the company was forced to sell following a breach in the company’s banking agreements (see Maiden Facing Problems Finding Buyer).
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