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Smart Metering Systems PLC on Friday said it intends to adjourn the court and general meetings regarding its takeover by US private equity firm, Kohlberg Kravis Roberts & Co LP and its affiliates.
The Glasgow-based utility connection, smart metering and energy management provider said the meetings will now take place on January 22, when they had been previously scheduled for January 9.
This comes after SMS announced early last month that it had agreed to the terms of an all-cash private equity acquisition that values it at approximately £1.4 billion.
The firm said each of its shareholders would be entitled to receive 955 pence in cash per share, under the terms of the acquisition.
The offer values the firm’s entire share capital at approximately £1.3 billion, which SMS said implies an enterprise value of approximately £1.4 billion.
Shareholders will still be entitled to receive and retain the 8.32p per share second interim dividend, which SMS declared in mid-September.
KKR, Smart Metering said, will invest in the takeover largely through its $17 billion fund KKR Global Infrastructure Investors IV, which is focused on critical infrastructure investments with low volatility and strong downside protection.
Shares in Smart Metering Systems rose 0.2% to 944.00 pence each in London on Friday morning.
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