(Alliance News) - Cake Box Holdings PLC on Thursday confirmed it received a takeover approach from River Capital Pty Ltd in early June but rejected it.
The offer for the Enfield, Middlesex-based chain of more than 200 shops selling fresh cream cakes by the Melbourne-based fund manager was at an indicative price of 160 pence per share.
Cake Box shares were up 7.8% at 161.75p in London on Thursday afternoon. The stock had closed at 154.00p on Wednesday. The price remains down 15% over the past 12 months.
"The board unequivocally rejected the indicative approach as materially undervaluing the company, and no further discussions with River Capital have taken place," Cake Box said.
The company's confirmation of the takeover approach was in response to report by Sky News late Wednesday, which had said the 160p offer was by Cheesecake Shop, which is owned by River Capital.
https://news.sky.com/story/london-listed-cake-box-gets-fully-baked-offer-from-australia-12923847
By Tom Waite, Alliance News editor
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Cake Box Holdi. (CBOX)