Aim adviser Blue Oar has rejected the bid from Aim-quoted investment company Evolve Capital.
“The offer by Evolve is entirely inadequate, has no merit and is an unwelcome distraction and expense for the business”, according to Blue Oar. It adds that it will be writing to shareholders shortly to set out its full rejection of the bid.
The all share bid originally valued Blue Oar at £17.9m. However, the Evolve share price has fallen 3p to 7.5p since. That reduces the value of the bid to £12.8m. There was a 0.25p dip in the Blue Oar share price to 9p, which values the company at £15m.
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