News blog
Hartest Holdings
- BY: Andrew Hore |
- POSTED: 22/02/2010 |
Delta Controls has decided not to bid for instrumentation supplier Hartest Holdings.
Peter Gyllenhammar, who owns 29.95% of Hartest, did not think that the proposed offer reflected the company’s true value.
Delta knew this and the size of the stake would have left the bidder with a large minority shareholder if it had gone ahead. Delta had until 22 February to decide whether or not to make a bid.
There was agreement in principle for a 68.33p a share bid with Aim-quoted Elektron already pledging its 23.2% stake to that offer.
Shares in Hartest fell 12.5p to 49.5p each, which values Hartest at £4.26m.
Management says that Hartest continues to “trade very profitably”. The second half is always the strongest part of the year and that will continue in the year to March 2010. The figures will be reported in mid June.
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