A DISTRIBUTION and engineering group has now agreed a £92.2million management buy-out deal.
In an announcement Wyko, which operates the Swan Bearings site in Blackburn, said it had agreed a bid at 129p a share in cash from Perdix investments, a firm set up by company directors.
Wyko, based in the West Midlands, announced in February that it was considering a range of future options for the group, including a buy-out.
The offer represents a premium of 59.3 per cent above Wyko's share price before the company announced that talks were under way.
The buy-out team is being led by Richard Johnson, chief executive, Geoff Winters, finance director and Philip White, the chairman who founded the company.
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