The UK's largest bodyshop network, Nationwide Accident Repair Services, has received a takeover bid from CSP Bidco, a subsidary of global asset manager The Carlyle Group.
The board of Nationwide Accident Repair Services (NARS) has agreed a recommended offer with CSP Bidco's board of 100p per share.
That represents a 13% premium over the stock's 88.5p closing price recorded on March 31, the day before the offer was announced, and a 45% premium over the volume weighted average price of 69.2p from the past three months.
Michael Marx, chairman of NARS, said: "This offer enables Nationwide shareholders to realise value today in cash for their shares at a significant premium to the recent historical share price and a meaningful premium to the company's share price immediately prior to the date of this announcement. It also provides the business with the opportunity to realise its growth ambitions and build its UK presence in an accelerated way.
"Carlyle has a well-respected track record in the automotive sector and specific experience in the vehicle accident repair market. We believe that the offer is a good outcome for all Nationwide stakeholders."
CSP Bidco has already received irrevocable undertakings to back the offer from stakeholders holding 60.59% of the NARS issued ordinary share capital.
A scheme document containing further details about the offer, and a date for a general meeting, are to be provided to investors within 28 days.
NARS provides integrated automotive accident repair management services to the UK insurance industry and to fleet and retail customers, and with more than 70 repair centres and 2,500 staff, it is the largest dedicated provider of accident repair services in the UK.
NARS is active throughout the UK with three divisions: Nationwide Crash Repair Centres, which provides vehicle body repair services; Network Services, which provides accident management services, claim handling and deployment for repair for insurance companies and fleet operators; and Motorglass, which provides mobile motor glass repair and replacement. The NARS Group employs approximately 2,500 staff.