HGGC reveals third party cash offer for Inspired

The board of Inspired plc says detailed discussions are underway with  third party HGGC, LLC regarding a possible cash offer of 81p per Inspired share, to takeover the firm.

It comes after Lancashire Business View reported last week Inspired were in discussions about an offer at a price higher than Regents' takeover bid.

The Kirkham headquartered energy and sustainability specialist received a cash offer by Regent Group in April valuing the business at almost £110m in a takeover bid by one of its major shareholders.

The Regent Group is a long-term shareholder business since its AIM flotation in November 2011.

The offer of 68.5p for every share its wider group doesn't hold, valuing the business at £109.35m.

Now, in a statement released by the Inspired board, it says the 'HGGC Superior Proposal would be structured as a takeover offer with an acceptance condition set at a level that would be capable of being satisfied without requiring Regent or any affiliated entity to accept the offer in respect of its existing interests in the company's shares.

"It is also expected that HGGC would reserve the right to implement the HGGC Superior Proposal as a Scheme of Arrangement pursuant to Part 26 of the Act with the consent of the Takeover Panel and with the Company's agreement.

"The Board of Inspired has indicated to HGGC that, should a firm offer be made on the financial terms of the HGGC Superior Proposal and with an acceptance condition set at this level, it would be minded to recommend such an offer to Inspired shareholders, subject to the agreement of the other terms of the offer.

"The board has considered, in particular, the potential effects of the offer by Regent Acquisitions 2025 Limited (“Regent’s Offer”) on the Company’s business and potential future market value.

"HGGC intends to reduce the terms of the HGGC Superior Proposal by the amount of the final dividend for the year ended 31 December 2024 of 1p per Inspired Share proposed by the Inspired Directors on 31 March 2025 (the “Final Dividend”) if paid.

"In light of this, the Board of Inspired would be minded to withdraw the Final Dividend, should a firm offer be made on the financial terms of the HGGC Superior Proposal. There can be no certainty that an offer will be made. A further announcement will be made when appropriate.

"Inspired shareholders are urged to take no action in respect of Regent’s Offer.

"The person responsible for arranging this announcement on behalf of Inspired is Paul Connor, Chief Financial Officer.

"This announcement has been made with the consent of HGGC."

Last week, the Inspired board said they received financial advice from Evercore and it 'unanimously recommends that Inspired Shareholders reject Regent’s wholly inadequate offer and take no action in respect of their shares.'

It added: "The Inspired board believes that Regent's offer fundamentally undervalues Inspired and its prospects.

"In particular, the Inspired board believes Inspired is well positioned with a clear strategy to create long-term value.

"Regent's offer is an attempt to take control without paying a proper premium.

"The offer price is well below comparable benchmarks; and Regent taking control of Inspired may not be in the best interests of other shareholders.

"As previously announced on 29 April 2025, the holders of over 49 per cent of Inspired's shares have indicated that they have no current intention to accept Regent's offer.

"The Inspired board is in detailed discussions with a third party regarding a possible offer for Inspired at a price above Regent's offer."

Regent currently holds around 29.36 per cent of Inspired’s issued ordinary share capital.

Regent, established in 1995, is a leading supplier of gas and metering services to industrial and commercial customers in the UK.

The group provides services to large consumers of gas across a range of sectors including, leisure, care homes, manufacturing, food production and retail. It intends to retain Inspired’s AIM listing.