Corporate lawyers from Walker Morris have advised Straight on its sale to a subsidiary of Irish outfit One Fifty One for approximately £10.7m.
The deal, effected by way of a scheme of arrangement under Part 26 of the Companies Act 2006, represents a 66 per cent premium on the share price of Straight immediately prior to the offer and will see the Yorkshire-based recycling products company delisted from AIM and integrated in One Fifty One’s plastics division.
The acquisition of Straight will allow One Fifty One to build on the success of MGB Plastics, which is a manufacturer of wheeled bins and caddies in the UK.
The Walker Morris team was led by Paul Emmett and assisted by Ben Lowen, both from the corporate department. Tax advice was provided by Simon Concannon and David Blumenthal. Trudy Feaster-Gee and Shaukat Ali provided specialist advice on the competition aspects of the sale.
Corporate finance advice was provided by Ivonne Cantu and Michael Johnson of Cenkos Securities.