Pittards Rejects Cash Offer As Undervaluing Its Business

Fri, 27th Sep 2013 12:59

LONDON (Alliance News) - Pittards PLC said Friday that, following discussions with major shareholders, it has rebuffed an unsolicited cash offer.

In a statement the company said that the cash offer significantly undervalued its business, despite representing a premium to the market price. It didn't identify the bidder, nor provide any further details on the offer.

Shares in the leather production company were trading up 11% at 2.35 pence, after jumping as high as 2.75p following the news.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @hanassallnews

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