(Alliance News) - Empresaria Group PLC shares jumped on Wednesday as it said an unsolicited takeover bid from a consortium "fundamentally undervalues the company".
The Crawley, England-based specialist staffing company said it received an indicative offer from an entity to be controlled by a consortium of individuals made up of Peter Gregory, Nigel Marsh and Ashok Vithlani to buy the company.
Vithlani is a director and shareholder in Empresaria Offshore Services subsidiary Manpower Solutions Pvt Ltd.
The board said it has carefully considered the offer with its advisers and said it "fundamentally undervalues the company and its prospects".
The offer is payable as 10 pence per ordinary share in cash with 50 pence nominal per share to be settled in unsecured loan notes redeemable for cash on the third anniversary of completion.
The board said it believes an implied valuation of the group is "materially higher" than the offer.
Shares in Empresaria were up 30% to 32.50 pence each in London at midday on Wednesday.
"Notwithstanding the views of the board, the company's two largest shareholders are aware of the possible offer and have encouraged the board to explore options to realise value," Empresaria said.
The consortium is required to announce a firm intention to make an offer, or announce that it does not want to make an offer, by June 4.
By Michael Hennessey, Alliance News reporter
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Empresaria Group (EMR)
