| |
| Please Note - Streaming News is only available to subscribers to the Active Level and above |
|
|
|
Creightons continues to have 'serious' interest in merger offer for Innovaderma
StockMarketWire.com
|
Personal care and beauty company Creightons said its merger offer for Innovaderma was rejected, but stressed that it continued to have a "serious" interest in a combination of the two companies.
In letter sent to Innovaderma, Creightons said: 'The company's current thinking is that a ratio of 2 Creightons ordinary shares for every 3 Innovaderma ordinary shares would be an appropriate basis.
Based upon the mid-market price per Creightons ordinary share as at the close of business on 1 February 2021 of 66 pence, this offer represented a value of 44p per Innovaderma ordinary share and a premium of 3.5% over the mid-market price per Innovaderma ordinary share of 42.5p at the close of business on 1 February 2021.
The company made a preliminary approach on 26 January 2021 to Innovaderma regarding a possible offer, but this approach was unequivocally rejected by the latter's board on 29 January 2021 without 'affording Creightons the benefit of any further discussion,' the company said.
Under market rules Creightons WAS required, by no later than 5.00 pm (London time) on 2 March, 2021, to announce a firm intention to make an offer for Innovaderma or walk away.
At 9:46am: (LON:CRL) Creightons PLC share price was 0p at 50p
Story provided by StockMarketWire.com
|
|
|
|
|
|
