Carlyle Group will go through with its takeover of Freeport after it chose not to appeal the decision forcing the sale through.
The Takeover Panel today confirmed that Carlyle had chosen not to appeal the decision it announced on Monday, that it would not allow the private equity group to pull out of its £155m deal to buy Monaco-based outlet centre developer Freeport.
Carlyle must now post its offer document to Freeport by 10 August.
A spokesman for Freeport said: ‘The company is very pleased with the decision of the Takeover Panel.’ Carlyle declined to comment.
Carlyle requested permission to pull out of the proposed takeover in May. Freeport had recommended the bid to shareholders in March. It had put itself up for sale in August 2006 after difficulties following a move of its headquarters to Monaco and rapid expansion in Europe.
In a statement on Monday evening, the Panel said: ‘Having heard the views of both parties in relation to this matter, the Panel Executive has ruled that [Carlyle subsidiary] CEREP should not be given such permission [not to proceed with the deal].’
Freeport shares jumped 4.3% to 394p today after the Panel’s decision, from a 52-week low of 327p on 14 June.
