The prospect of a bidding war for Goals Soccer Centres increased today after the five-a-side football centres chain agreed to a £73.1 million takeover by the pension fund owner of the Camelot lottery operator, only for a rival suitor to advise shareholders to hold their horses.
Canada’s Ontario Teachers’ Pension Plan has agreed to pay 144p per share in cash for the 44-strong chain in a deal that includes the promise of a £40 million investment over the next five years. However, Goals’ share price jumped by 11.3p, or 8.4%, to 146.3p, above the agreed deal price.
This came on hopes that a higher bid could emerge from Patron Capital Partners, a private-equity firm which already owns rival football centres operator Powerleague.
Patron, which admitted earlier this month that it was considering a bid, said today it was “considering its options” and urged shareholders to “take no action”. Goals owns and operates 43 outdoor five-a-side football centres in the UK and one in the US.
Each centre houses several pitches that are made of synthetic grass and are typically floodlit.
The company, headquartered in East Kilbride, Scotland employs about 800 staff. Ontario’s £40 million investment would enable Goals to build 25 new centres.
Jo Taylor, vice president of the Ontario fund, said; “Our aim is to cement Goals’ position as the UK’s premier five-a-side operator and help the business reach its full potential.”
