Ashtead Technology surges 15% on £505 mln takeover offer

Ashtead Technology Holdings PLC (AIM:AT.) shares jumped 14.8% after the company announced it has agreed to be acquired by Pine Acquisition UK Bidco Limited, controlled by funds managed by Ember Infrastructure Management, for 615 pence per share in cash.

The offer values Ashtead Technology at approximately £505 million on a fully diluted basis. The acquisition price represents an 80.9% premium to the closing price of 340 pence on September 22, 2026, the last business day before the offer period commenced.
The transaction will be implemented through a scheme of arrangement under Part 26 of the Companies Act 2006.

Ashtead Technology’s board of directors has unanimously recommended that shareholders vote in favor of the scheme. Bill Shannon, Chairman of Ashtead Technology, stated the board believes the acquisition provides shareholders with an opportunity to realize value compared with the risk-adjusted return expected through the execution of the company’s standalone strategy.

Bidco has received irrevocable undertakings from Ashtead Technology directors holding 1,822,898 shares, representing approximately 2.3% of the issued share capital as of Sunday.
The acquisition is conditional on approval by a majority in number of shareholders representing at least 75% in value of shares voted at a court meeting, approval of resolutions at a general meeting, and sanction by the court.