SHARES in Perform, a sports media group which has around 200 staff in Leeds, have risen after it received a buyout bid.
US entrepreneur Len Blavatnik’s investment group Access Industries plans to buy out the rest of Perform that it does not already own, valuing the entire sports rights firm at £701.6m.
Perform, which listed on the London stock market in 2011, buys online rights to major sports events and supplies video clips, live action and sports news and data to media groups and online bookmakers. It recently aired highlights from the IPC European Championships in Swansea, where Yorkshire paralympian Hannah Cockroft won two gold medals. Access Industries, a privately held industrial group with investments in natural resources, chemicals, real estate and media, including Warner Music Group, said the offer was final. It said the bid was being made by AI PG, which is part of the Access Industries Group. PVT, which is also part of the Access Industries Group, already owns around 42.5 per cent of Perform.
“We continue to have confidence in Perform’s management and in the company’s future potential,” said Lincoln Benet, CEO of Access Industries.
Perform Group said it had noted the announcement. It added: “The board reiterates its confidence in Perform Group’s standalone strategy and growth prospects.”