Charterhouse makes $710 mln cash bid for British media firm Tarsus

Credit: REUTERS/Toby Melville

LONDON, May 24 (Reuters) - European private equity firm Charterhouse said on Friday it had made a cash bid for Britain's Tarsus TRS.L valuing the listed media firm at about 561 million pounds ($711 million).

The bid represents a premium of about 36.2% to the closing price of 312 pence for each Tarsus share on May 23.

The proposed offer, which will be implemented through a scheme of arrangement, gives scheme shareholders 425 pence in cash for each scheme share they hold.

Tarsus shareholders will also be entitled to receive a final dividend of 7.7 pence for each Tarsus share for the 12-month period ending December 31, 2018, the private equity firm said.

Charterhouse is using an acquisition vehicle dubbed Tiger Acquisitions UK to carry out the transaction.

($1 = 0.7892 pounds)

(Reporting by Pamela Barbaglia; editing by Jason Neely)

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