Five-a-side football company announces buy-out by Canadian pension fund.
Goals Soccer Centres (LSE: GOAL), which runs five-a-side football centres in the UK, was up nearly 10% at one point this morning, on news that it's accepted a cash offer from Canadian pension fund The Ontario Teachers' Pension Plan (OTPP). The buy-out is being executed via Goliath Bidco Limited, part of OTPP's private equity arm, Teachers' Private Capital (TPC).
The cash offer values Goals Soccer Centres at about £73.1m, or 144p per share -- a premium of 11p over last night's close.
OTPP originally approached Goals Soccer Centres with a preliminary bid in April. Earlier this month, Goals Soccer Centres revealed there had also been interest from private equity firm Patron Capital, the controlling shareholder in rival UK five-a-side operation Powerleague Group Ltd. OTPP was given until 23 July to a make a firm bid, and it appears to have scored the winner.
However, Patron Sports Holding Sarl -- a company indirectly owned by Patron Capital -- also released an announcement this morning, stating that it is still "considering its options" in respect of Goals Soccer Centres, and urging its shareholders not to take any action at this time.
While there is no certainty of any firm offer by Patron, the possibility of a counter-bid already seems to be driving Goals Soccer Centres shares higher than the OTPP valuation. But whether Patron will actually make a firm bid will only be clear at the end of what might now be considered "extra time"...
This morning's announcement from Goals Soccer Centres shows how exciting companies can become great investments for ordinary investors.
But if you're keen to earn even greater returns, this free Motley Fool report -- "10 Steps To Making A Million In The Market" -- could help you on your way. The report highlights how choppy markets can still provide the big winners to take you to that magic million.
You can download "10 Steps To Making A Million In The Market" for free right now. But hurry, the report is available for a limited time only.
Investing is by no means easy in today's uncertain economy. That's why we've published "Top Sectors Of 2012" -- our guide to three favourable industries. This free report will be dispatched immediately to your inbox.
More investing opportunities from The Motley Fool:
> Jon doesn't own shares in Goals Soccer Centres.