Daisy Group gets 185 p/shr cash offer from top shareholders

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Oct 17 (Reuters) - Britain's Daisy Group Plc received a 185 pence per share possible cash offer from a consortium led by its chief executive and asset manager Toscafund - its two largest shareholders, the voice and data services company said on Friday.

The offer, at a premium of 19.4 percent to the stock's Thursday closing, values the company at about 494 million pounds ($792.4 million), based on the number of shares outstanding as on March 31.

The company said in August that it received an approach for a possible cash offer of 190 pence per share on July 27 from Toscafund Asset Management LLP on behalf of the consortium. The consortium also includes Penta Capital LLP.

Toscafund confirmed the approach in August, but said Toscafund, Penta and Daisy's CEO Matthew Riley were not yet considered "joint offerors" under UK's Takeover Code but were in talks with the takeover panel.

Toscafund holds 28.52 percent in Daisy Group, while CEO Riley owns about 23.01 percent, as per the company's annual report.

Daisy, which has been reporting losses since 2010, posted a full-year operating loss of 17.9 million pounds in the year ended March 31.

The company provides services including hosting, broadband internet connections, and voice-over-internet protocol to small and medium businesses.

Toscafund said J.P. Morgan Cazenove would be acting as its financial adviser.

Daisy Group said in September that the deadline for the possible 190 pence per share buyout offer was extended to Sept. 22. The deadline was further extended to Oct. 20.

Shares (Berlin: DI6.BE - news) in the AIM-listed company rose 11 percent in thin trading on Friday morning. ($1 = 0.6234 British pound) (Reporting by Noor Zainab Hussain in Bangalore; Editing by Gopakumar Warrier)