1st Dental Laboratories says it has received a bid approach of “not more than 8.5p a share”.
The dental laboratories operator says it is in talks with this potential bidder. The shares increased by 1.125p to 6.875p, which values 1st Dental at £2.89m. The bid values 1st Dental at £3.57m.
The company joined Aim on 2 May 2002, when it raised £2m at 27p a share. It has grown by acquisition since then and raised more cash from share issues.
In July 1st Dental warned that its interim figures to May 2008 would be below expectations. It blamed business disruptions and said that the second half would be stronger.
House broker Seymour Pierce forecast full year profits of £400,000 and earnings per share of 1.1p on the day of the warning. The bid price is equivalent to less than eight times those earnings.
The interims are due to be released on 27 August.
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