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1.85 0.15 (8.82%)

Bid:

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Spread: 0.25 (14.286%)

Market Cap: £7.05m

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API Group Says No Discussions Held Relating To Cedar Takeover Bid

Thu, 22nd Jan 2015 16:46

LONDON (Alliance News) - API Group Thursday said it has not held any discussions with Cedar 2015 Ltd, a subsidiary of Steel Partners Holdings LP, which said earlier today it had made a cash offer to acquire API.

Cedar 2015 Ltd made a cash offer of 60.0 pence per API share to acquire the entire share capital of the company that Steel Holdings does not already own.

Steel Holdings currently holds a 32.3% stake in API, and is the company's largest shareholder.

"The board of directors of API would like to confirm that there have been no discussions to date relating to the offer between Cedar and the API board. The API board will carefully consider its position and a further announcement will be made in due course," said the company.

API has recommended that its shareholders take no action until further there are further developments.

API shares closed up 26.5% at 59.45 pence per share on Thursday.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance