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  • BY: Andrew Hore |
  • POSTED: 30/12/2011 |

Kitchen equipment and accessories supplier Waterline is the subject of a bid three years after leaving Aim.

The company joined Aim in July 2005. At that time it was valued at £11m at the placing price of 84p a share. In July 2007 management talked about taking the company private but after an elongated process but the independent directors decided to turn down a 65p a share offer. The share price subsequently slumped after disappointing trading figures and Waterline’s management decided that it would be better if the Aim quotation was cancelled. At that time, the net asset value was 53.7p a share. The bid of 23.5p a share from kitchens and bedrooms manufacturer Crown Products (Kent) values Waterline at £3.08m.

Herne Bay-based Crown bought the 57% stake owned by Waterline’s former managing director Michael Lawrence for 23.5p a share and this triggered the bid. Crown owns 77.9% of Waterline.

Crown has net assets of £11m. The full acceptance of the bid will cost £700,000.

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