Neil Utley backed by a consortium of financiers has put in a provisional offer for Cox at a share value of 94p per share.
The offer is yet to be approved by Cox directors.
If successful shareholders will receive 92p per share in cash and 2p per share cash dividend.
The offer is subject to series of conditions, including:
·Consortium being backed by its financiers, Duke Street Capital V ltd, Engelfield Capital LLP and Neil Utley
·The approval of the terms by Cox's directors and the consortium
Cox said it has “great confidence” in the buy-out strategy.
