Royal Doulton to be taken over in February

WATERFORD WEDGWOOD’S takeover of British chinaware manufacturer Royal Doulton will be completed by February 15 after the luxury goods group said yesterday that the deal had the backing of 90% of shareholders.

The company said almost 70% of Royal Doulton shareholders had come on board and accepted the €58 million offer. These votes, when coupled with Waterford’s existing 21% stake in the company, were enough to break the key 90% threshold and make the offer unconditional.

Royal Doulton shareholders who accepted the offer before 3pm last Friday will receive their 12p per share payments before the end of the month. Waterford called on those that had yet to signal their acceptance to do so, but reminded them that their shares would be subject to compulsory acquisition regardless.

Royal Doulton shares will be delisted from the London stock exchange on February 15 “or as soon as practicable thereafter,” Waterford said. The takeover will be funded from the proceeds of a successful rights issue that saw Waterford shareholders stump up €100 million to buy five shares for every three they already held.