Good morning, Paul here.
Estimated time of completion today is 13:00 – I have to escape from London, so need to get this out of the way amp; then catch a train back to the south coast.Update at 11:41 – today’s report is now finished.
Murgitroyd (LON:MUR)
Share price: 675p (unchanged today, at 08:06)No. shares: 9.0mMarket cap: £60.8m
Possible offer for the company
It sounds as if news of this possible bid might have leaked out. With the share price zooming up, to the level of the possible bid, at 675p, then there’s no premium price at all now.
Discussions with Sovereign are at an advanced stage with due diligence enquiries complete. The Board confirms that, should Sovereign or an entity controlled by Sovereign announce a firm intention to make an offer pursuant to Rule 2.7 of the Code on the above terms, the Board’s current intention is to recommend that Murgitroyd shareholders accept the offer.
Shareholders would be entitled to ask why the Directors want to sell the company at the current share price? A bid premium of c.30-40% is more normal.
On 17 Sept 2019 the company announced quite good results for…
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