Eckoh PLC, a payment solutions provider listed on AIM, has accepted a take-private offer from private equity firm Bridgepoint, valued at £169.3 million. The decision follows a lengthy evaluation process that began last year, with the board considering various options to enhance shareholder value.

The agreed-upon deal is an all-cash offer of 54p per share, representing an 11% premium over Eckoh's closing price prior to the announcement and a 35% premium compared to the six-month average. Chris Humphrey, Eckoh's chairman, indicated that the board believed the company's share price did not accurately reflect its fundamental value, prompting the search for alternative strategies.

The process to secure a buyer was described as "exhaustive and comprehensive," involving numerous corporate and private equity investors. Ultimately, the independent directors of Eckoh recommended Bridgepoint's proposal, citing its compelling value for shareholders and the anticipated benefits of Bridgepoint's investment for all stakeholders involved.

This acquisition marks a significant move for both Eckoh and Bridgepoint, as the latter aims to leverage Eckoh's capabilities in the payment solutions sector.