RSS feedsTangent Communications plc has printing giants St Ives in its sights, and has revealed it was the architect of a recent takeover approach.
The AIM-listed printing rival, 45% owned by ex-Carlton supremo Michael Green, made an indicative offer in September worth 250p per share for St Ives - which prompted the printer to investigate the possibility of acquiring other concerns to defend itself.
St Ives recovered from the disclosure of serious accounting errors at one of
its units in August to reveal on 28 September that it had received a bid
approach. Its shares closed at 219p the day before and have traded at the 250p
mark since then.
Tangent, said in a statement that under the proposed offer, which would be a
mixture of new Tangent shares and cash, Green would be chairman of the enlarged
Tangent group.
Last week, St Ives said overcapacity in the printing market meant trading conditions would remain challenging as it posted an 11% rise in annual profit.
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