Rejected the offer 12 May 2008 14:13
Chloride Group Plc. has confirmed it received a preliminary approach from a third party regarding a possible cash offer for the company at 255 pence per share, but it has rejected the offer as it 'materially undervalued' the company and its prospects.
Shares in Chloride soared in early deals Monday, after media reports in the Sunday Telegraph and Monday's Financial Times that the company had received a takeover approach.
At 10:02 a.m., shares in Chloride were up 25.24 percent, or 52-1/2 pence at 260-1/2, while the FTSE 250 index added 84.2 points to 10,521.5.
The specialist provider of critical power protection solutions and services said it has excellent prospects as an independent group based on its robust business model, clear strategy and strong positions in geographies and higher growth market sectors.