British pawn shop giant Ramsdens has agreed to a £203million takeover by US rival First Cash in a fresh setback for London's stock market.
The Teeside-based group, which runs 175 shops in the UK as well as operating online, said it had agreed to the bid because it was vulnerable to changes in the price of gold and 'further economic pressure'.
Being owned by First Cash, which runs 3,330 sites across the US, Latin America, and the UK, is a way of 'reducing risk' for shareholders, Ramsdens said.
The 609p per share offer represents a 35 per cent premium to Ramsden's closing share price on Monday.
It is the latest in a series of takeover attempts by overseas bidders on British publicly listed companies in recent weeks.
