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Rotala PLC on Tuesday said that it has extended the deadline for some of its directors to firm an acquisition offer, following an indicative proposal in September. As discussions are still in progress, the Tividale, West Midlands-based bus operator has moved the decision deadline to November 14 from October 17. Rotala initially announced the offer, which was made by a management-led team, on September 19. A 63.5 pence per share cash proposal was made by directors Simon Dunn, Bob Dunn and John Gunn, the chief executive, managing director, North West, and non-executive chair respectively. The offer valued the company at around £19.4 million. If accepted, it would be made by a newly incorporated entity established by the three directors, their spouses and certain personal pension plans for the shares in Rotala they do not already own. The bidding parties currently hold around 38% of Rotala’s share capital. On Tuesday, Rotala said that the management-led team are still in discussions with a committee of independent directors, which was formed to consider the possible offer. The committee is comprised of Graham Spooner, Rotala’s non-executive deputy chair and senior independent director, Graham Peacock, an independent non-executive director and Kim Taylor, group finance director. Rotala shares were trading 4.3% lower at 55.50 pence each in London on Tuesday afternoon. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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