28th Apr 2014 09:57
LONDON (Alliance News) - Sierra Rutile Ltd saw its shares fall Monday after it said that talks with parties that were potentially interested in making a takeover offer for the company had now ended.
The company had said last November that it had entered talks with parties that could lead to a takeover offer being made, but it has now decided that none of the proposals that were made were high enough.
"Whilst indications of interest for the company were received, including in excess of the company's current market price, the opinion of the board is that these did not offer sufficient value or value certainty to Sierra Rutile's shareholders, given the strong outlook for the company," Sierra Rutile said in a statement Monday.
"Whilst we appreciate the attention and interest of parties in Sierra Rutile, it is our opinion that Sierra Rutile is better served exploring the numerous strategic growth options available to it at this time and the interests of our shareholders would not be best served by engaging in extended dialogue with these parties," Chairman Jan Castro said.
Sierra Rutile produces titanium feedstock industrial minerals.
Its shares were down 13.7% at 50.05 pence Monday morning, one of the biggest declines on AIM.
By Steve McGrath; [email protected]; @SteveMcGrath1
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