Taya Investment Company Ltd, which made a bid approach to Avesco Group earlier this year, has acquired a 11.2% stake in the broadcast and presentation equipment supplier.
Taya indicated at the beginning of 2010 that it would be willing to bid between 28p and 35p a share. The shares are trading at 28.5p each, which values Avesco at £7.13m.
Management felt that the indicative bid was inadequate. The net asset value was 148p a share at the end of September 2009.
Herald Investment Trust recently increased its stake in Avesco to 13.3%.
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