News blog
Hartest Holdings
- BY: Andrew Hore |
- POSTED: 02/02/2010 |
The Takeover Panel has given Delta Controls more time to finalise its bid for instrumentation supplier Hartest Holdings.
There is agreement in principle for a 69p a share bid with Elektron already pledging its 23.2% to that offer. However, it was dependent on the 0.67p a share interim dividend not being paid. As the dividend record date has passed the new bid value is 68.33p a share.
Due diligence is being carried out by Delta and its bank but it has not been completed. The bank debt is required for the bid so the deadline has been extended from 1 February to 22 February.
Hartest turned down a 25p a share bid from Elektron last year. Elektron acquired its stake for £1.37m, although it had been written down to £468,000 by the end of July 2009. This means that there should be a substantial book profit on the bid if it goes ahead. The proceeds will be similar to the original cost.
At 66p a share, Hartest is valued at £5.68m.
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