PI Industries Completes Acquisition of Plant Health Care Plc

On August 20, 2024, PI Industries Limited announced the successful completion of its acquisition of Plant Health Care Plc, a UK-based company listed on AIM, the London Stock Exchange’s market for smaller and growing companies.

The acquisition was executed through a court-sanctioned scheme of arrangement under English law, specifically following the City Code on Takeovers and Mergers and Part 26 of the Companies Act 2006. The Companies Court (Chancery Division) approved the scheme on August 15, 2024, with the acquisition becoming effective on August 20, 2024.

With this transaction, Plant Health Care Plc has become a wholly owned subsidiary of PI Industries Management Consultancies L.L.C. (PI LLC), which is itself a wholly owned subsidiary of PI Industries Limited. Consequently, Plant Health Care Plc is now a step-down subsidiary of PI Industries Limited. This marks a significant milestone for PI Industries as it expands its global footprint and enhances its portfolio.

The board of directors of PI Industries approved the acquisition on June 26, 2024. Following this, PI Industries Management Consultancies L.L.C. made a formal offer to acquire the entire issued and to-be-issued share capital of Plant Health Care Plc. The acquisition was conducted in accordance with the requirements set out in English law, including compliance with the City Code and Companies Act provisions.

The acquisition process involved a comprehensive scheme document, which was distributed to Plant Health Care Plc’s shareholders. This document detailed the terms and conditions of the scheme, including notices for relevant shareholder meetings. The scheme required approval from a majority of Plant Health Care Plc’s shareholders and sanctioning by the English courts to become effective.

This acquisition aligns with PI Industries’ strategic goals and positions the company to leverage Plant Health Care Plc’s expertise and market presence in the agricultural sector.

On August 21, 2024, the share price of PI Industries Ltd opened at ₹4,327.00, touching the day’s high at ₹4,404.45, as of 10:19 AM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.