9th Jun 2014 17:22
LONDON (Alliance News) - Pochin's PLC Monday said its independent directors are in advanced talks about a 45 pence a share cash takeover offer for the company from its Property Development Director James Nicholson and his backers.
The company first revealed an approach from Nicholson and his backers last December, and the offer deadline has been extended several times since.
In a short statement Monday, Pochin's said the potential 45 pence offer includes a share alternative.
A 45 pence a share offer would value the company's entire issued share capital at GBP9.4 million, according to a calculation by Alliance News. Its current market capitalisation is GBP7.6 million, according to Morningstar.
Pochin's shares closed up 3.7% at 37.85 pence Monday.
By Steve McGrath; [email protected]; @stevemcgrath1
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