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Restore PLC - Redhill, England-based document management, commercial relocation and IT recycling business - Reiterates rejection of takeover proposal from London-based safety services and software provider Marlowe PLC, believing the offer significantly undervalues Restore, "considering its current and future prospects", and that the combination is not strategically compelling.
In late July, Restore confirmed that Marlowe had approached the company over a possible takeover offer worth 530p aper share. This was the second proposal made to the board over the last few weeks and both were rejected.
The second proposal would have been an offer consisting of 71p in cash and the remainder in Marlowe shares, while the first proposal was worth 515p per share.
Restore confirms that 33% of shareholders do not intend to accept the Marlowe offer.
Current stock price: 504.00 pence
Year-to-date change: up 22%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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