Styles & Wood, the property management company, has agreed to a cash takeover offer by Central Square. Under the terms of the offer, each Styles & Wood ordinary shareholder will be entitled to receive 465p in cash per share. The offer price represents a premium of approximately 24% to the closing price of 375.0 pence per share on 20 December. It values Styles & Wood's entire issued and to be issued ordinary share capital at approximately £42.5 million. The independent directors said they consider the terms of the offer to be fair and reasonable, and intend to recommend that independent shareholders vote in favour of the scheme. Paul Mitchell, chairman of Styles & Wood, said: "In recent years, Styles & Wood has made significant progress with its diversification strategy, driving strong organic growth supplemented by value accretive acquisitions that have broadened the group's service line capabilities. We are confident that Central Square, with its commitment to the creation of a best in class offer within the property services market, is the right partner to take Styles & Wood to the next chapter of its growth story."
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