Blavatnik's Access Industries bids to buy all of Perform

LONDON Mon Sep 1, 2014 2:55am EDT

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LONDON (Reuters) - Len Blavatnik's investment group Access Industries said on Monday it planned to buy out the rest of Perform (PER.L) that it did not already own, valuing the entire sports rights firm at 701.6 million pounds ($1.2 billion).

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 has endured a rocky time as a listed company, first establishing a reputation as a growth stock as it doubled its market capitalization, before crashing in December 2013 when it issued a major profit warning.

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 LLC, which is part of the Access Industries Group. PVT, also part of the Access Industries Group, already owns around 42.5 percent of Perform.

Access Industries said the offer was being made at 260 pence per share, compared with the 203.8 pence the shares closed at on Friday, and the 260 pence it listed at.

"We continue to have confidence in Perform's management and in the company's future potential," said Lincoln Benet, CEO of Access Industries.

"Consequently, a member of our group is launching an offer at 260 pence per share, a 27.6 percent premium to the current price, to allow those shareholders who seek an exit to do so at a significant premium to the current trading level."

($1 = 0.6021 British Pounds)

(Reporting by Kate Holton; Editing by Michael Urquhart)

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