Roofing and building services provider Northern Bear directors say they will not accept the 72p a share tender offer from Cedarvale Holdings.
Cedarvale wants to purchase up to 5.4 million shares, which could take its stake to 29.6%. The tender offer is at a 20% premium to the market price when it was announced, and it closes on 24 October. The current share price is 70.5p.
Trading has picked up in the second quarter with trading stronger than the first quarter and the second quarter of last year. New contracts have commenced after first quarter delays. The order book is strong.
However, interim figures will still be lower than the same period last year. Operating profit could fall from £1.7m to £1.3m. Rolling 12-month earnings per share would still mean that the tender price is around six times earnings.
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