Shareholders in NTR could be in line for a €275m boost as the company plans to offer them the opportunity of cashing in their shares.
The waste and infrastructure group is offering shareholders a price of €6.65 a share, which it says is fair value based on an opinion given to the board by Morgan Stanley. This is a premium of almost €1 compared with the last traded price of €5.75 shown on NTR's website.
The company's shares are traded on a grey market operated by stockbrokers, and it is currently valued at around €1.3 billion. The move is subject to approval by shareholders at an EGM on June 26.
NTR says the sale of its interests in the Dublin West Link toll bridge and wind energy group Airtricity have enabled it to make the offer to shareholders ahead of schedule.
The company's two main shareholders say they will back the plan at the EGM and take up their entitlement. The family of NTR chairman Tom Roche owns 44%, while investment group One51 has 26%. The two groups would therefore receive €121m and €71.5m respectively under the scheme.
