Acquisition talks between Aquilo and ABS Bodyshop Services have reached an advanced stage, the insurance support services business said.
The acquisition would be classed as a ‘reverse takeover' under AIM rules, and Aquilo shares have been suspended from trading.
Under the proposed deal, Aquilo has offered to acquire ABS in a cash and share deal worth 470p per ABS share, comprising 235p in cash, 117.5p in loan notes and 117.5p by issue of 67 shares in Aquilo at a price of 1.75p per share.
The company has given 21 days for the offer to be accepted and said at least 90% of ABS shareholders need to agree to make the deal unconditional.
Aquilo said it hoped to close the deal by the end of November, subject to approval from its shareholders.
