The offer values Northern Leisure at £359m-£392m based on last Tuesday's closing price of 770p. Luminar will operate 237 outlets following the deal, which will see it become the leading operator of its kind in the UK. (See M&C Report newsletter, March/April issue)
Luminar believes there will be opportunities to introduce its brands into the Northern Leisure portfolio. It expects its increased size to improve its ability to secure new development opportunities on attractive terms.
Five of Northern's directors will be appointed to the new board: Clive Preston, Peter Marks, Andrew McIvor, Brendan McLoughlin and Niven Ballantyne. Robert Wickham, a non-executive director will be asked to stay with the new group. Luminar chief executive Steve Thomas will head the new group.