Business support services group Mitie has announced a £9.4 million deal to buy out minority shareholdings in seven subsidiary companies.
The company, which employs about 3,000 people in the Midlands, said the offer was in accordance with shareholders' agreements.
They set up the companies to trade under the Mitie name and with the group's support and own up to 49 per cent of the equity.
After five years they have the opportunity to convert their own shares into Mitie stock. The consideration is £9.4 million in cash and the issue of 4.8 million new shares valued at 166p each. ..SUPL:
