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Abicad Holding Ltd on Thursday said that it intends to buy more shares in Breedon Group PLC but confirmed it does not intend to make a bid for the company. The Southampton, England-based firm said it would pay 75 pence per share for the additional shares in Breedon via a reverse accelerated bookbuild. Abicad currently holds a stake of around 10% in Breedon and is represented on the board by Amit Bhatia, the non-executive chair. It intends to hold the shares for investment purposes and is willing to buy up to a further 84.7 million shares, which is around 5% of Breedon’s share capital. Abicad said this is a signal of its continued belief in the business and Breedon’s overall strategic direction. Shares in Breedon Group PLC closed down 4.1% at 72.40 pence in London on Thursday. Copyright 2023 Alliance News Ltd. All Rights Reserved
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