Mayfair antiques and art dealer Mallett has become part of stamp specialist Stanley Gibbons’ collection, selling itself in an £8.6 million deal.
The price — 60p a share — is nearly 24% higher than Mallett’s Friday close of 48.5p and an 11% premium to the average closing price of the past three months.
Chairman Lord Daresbury said: “Mallett’s business would benefit from becoming part of a larger group with resources to support its development.”
Earlier this year chief executive Giles Hutchinson Smith, pictured, admitted: “Being a public company of this size, in a business that is very hard to read, is not a comfortable suit. It is no surprise it is rare to have a listed art dealer.”
Mallett’s board, advised by Smith Square Partners, recommended the offer as “fair and reasonable”.
AIM-listed Stanley Gibbons has bought Mallett, which was founded in 1865, to expand its expertise.
Stanley Gibbons chairman Martin Bralsford said: “Stanley Gibbons is committed to delivering its established strategy to become a leading online collectibles marketplace and a global auction house for fine and decorative arts, collectibles and other valuables.”
