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  • BY: Andrew Hore |
  • POSTED: 22/07/2009 |

Connaught has posted its bid document for Fountains.

Connaught is offering 0.2377 of a share for each share in the vegetation management and forestry services business. Bid talks were first revealed on 5 November 2008. 

Connaught shares are trading at 375p each. This values each Fountains share at just over 89p.

At a market price of 84.5p a share, Fountains is valued at 12.7m.

Connaught will expand its range of services in the environmental management sector. This is a consolidating market and Connaught will hold a strong position in the UK. The purchaser also expects to be able to take costs out of the Fountains business.

Connaught has the backing of shareholders owning 38.65% of Fountains, although at this stage they are mainly non-binding letters of intent.

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