Specialist Components Ltd has launched a recommended bid for APC Technology Group.
Specialist is offering 10p a share in cash, which values APC at £18.3m. Whilst this was a premium to the market price it is well below the level it has been in the past decade, let alone earlier.
Specialist has been set up by Harwood Capital to acquire Rochester-based APC. Harwood owns 4.93% of APC. The management of APC will be retained, and Specialist believes that it will perform better as a private company.
The electronic components distributor can seek add-on acquisitions and obtain funding from Harwood.
In the year to August 2018, APC generated revenues of £17.2m and an underlying pre-tax profit of £760,000.
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