City law firm Fox Williams LLP has advised Cedarvale Holdings Ltd on its unrecommended tender offer for shares in AIM quoted Northern Bear Plc. The Northern Bear family of businesses provides specialist building services to local authorities, housing associations, NHS trusts, universities, construction companies and national house builders throughout Northern England and beyond.

Cedarvale’s cash offer of 72 pence per share represented a 20 per cent premium to the Northern Bear closing bid price on 25 September 2019. The tender offer was accepted by shareholders in respect of 4,655,217 Shares, representing approximately 25.1% of the issued share capital of Northern Bear.

The Fox Williams team was led by corporate partner Guy Morgan, supported by corporate associates Sarah Carlton and Freddie De Boise.

Guy Morgan commented: “We were delighted to advise Cedarvale on this transaction. Tender offers to shareholders of third-party companies are relatively rare but, as this transaction proves, they can be effective. The ability to convey an offer to the entire shareholder base of a company, rather than just to major shareholders, combined with the relative simplicity of the tender offer process means that, in certain circumstances, tender offers can be an attractive option to consider.”


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