5th Feb 2015 15:38
LONDON (Alliance News) - API Group PLC Thursday urged its shareholders not to take any action following the cash offer made by Cedar 2015 Ltd, saying they should await the API board's response to the offer.
Cedar, which is an indirect subsidiary of Steel Partners Holdings LP, made the 60 pence per API share offer in December, and on Wednesday said the deal values the company at around GBP46 million.
"The board of directors of API strongly recommends that API shareholders take no action at present and await the API board's response to the offer," said API Thursday.
The company said it will respond to the offer within 14 days of the offer being made, it said.
API shares were up 0.8% to 59.45 pence per share on Thursday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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