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(Alliance News) - Industrial components manufacturer Synnovia PLC on Monday said that customer demand in the second quarter was subdued as difficult economic conditions persisted.
The company also reported a weak "sales pipeline across the Synnovia group". In its full-year results for the 12 months to March 31, the company stated that its first quarter trading in its new 2020 financial year was "steady amongst a backdrop of poor economic conditions".
Earlier in September, the company recommended a GBP48.8 million takeover offer from funds advised by Camelot Capital Partners.
Under the acquisition's terms, BPF1 Ltd, a company wholly owned by Camelot, will acquire Synnovia for 125 pence per share, reflecting a 43% premium to Synnovia's closing price of 87.5 pence on Friday last week.
Shares in Synnovia closed down 0.3% at 123.10 pence each on Monday.
By Eric Cunha; ericcunha@alliancenews.com
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