Cork founder leads buyout of Calyx

Maurice Healy, the Cork businessman who founded IT group Calyx, has led a management buyout of the company in a deal worth stg£70.2m, or €103.8m.

The board of telecommunication and IT supplier Calyx has reached agreement on a takeover by a consortium which includes a management team led by chairman and chief executive Mr Healy.

Calyx shareholders will receive 101p per share, a premium of almost 24% on the price on March 12, the last day before the offer proposal was announced.

Mr Healy owns 19.3 million Calyx shares, representing 27.8% of the company, but will exchange 13.5 million of these for his stake in Stornoway, the takeover vehicle. The rest will be exchanged for cash under the deal.

Article courtesy of the Evening Echo newspaper.