SAGA management are buying out the company for the
theoretical takeover price of £1.35 billion.
The takeover is supported by private equity firm
Charterhouse.
The new structure will involve an employee shareholder
scheme.Staff and company pensioners will also receive £1,000
for every year of service as a one-off bonus from the sale
proceeds.
Chairman Roger De Hann said it was a “very close run decision”
between a management buyout and flotation.