| |
| Please Note - Streaming News is only available to subscribers to the Active Level and above |
|
|
|
CIP Merchant Capital rejects 50p/share offer from Corporation Financiere Europeenne
StockMarketWire.com
|
CIP Merchant Capital said it had rejected a takeover offer from Corporation Financiere Europeenne, saying it 'significantly' undervalued the company.
The all-cash offer at a price of 50 pence per ordinary share was deemed to be 'opportunistic' and significantly undervalued CIP's current investment portfolio and the company as a whole, CIP Merchant Capital said.
The offer represented an approximately 10% to 19% discount to share price of the company between 27 January 2021 and 12 February 2021.
'The possible offer price clearly significantly undervalues CIP and its underlying investment portfolio on all reasonable metrics and CFE's opportunistic proposal has been unequivocally rejected by the Board on a number of occasions for this very reason,' the company said.
Under market rules, CFE is required, by not later than 5.00 p.m. (London time) on 23 February 2021, to either announce a firm intention to make an offer for CIP, or walk away.
At 9:52am: (LON:CIP) Cip Merchant Capital Limited Ord Npv share price was 0p at 45.5p
Story provided by StockMarketWire.com
|
|
|
|
|
|
