(Alliance News) - Rx3 Holdings Ltd on Friday said any takeover offer that it makes for Kinovo PLC would have to be at a price no less than 40 pence per share.
Shares in Kinovo were down 3.8% to 49.04p on Friday morning in London. The stock had rise 11% to 51.20p on Thursday, after Kinovo said it had received a non-binding indicative takeover offer from Rx3 at 56p per share.
Kinovo is a London-based specialist property service provider offering safety compliance and sustainability solutions.
Rx3 owner Tim Scott also owns Tipacs2 Ltd, which is the largest shareholder in Kinovo with a 29.9% stake in Kinovo. Rx3 on Friday noted that 40p is the highest price paid by Tipacs2 for Kinovo shares over the past three months, so the UK Takeover Code requires any offer to be above that price.
Kinovo on Thursday had said the possible offer price of 56p was "at the lower end of the board's expectation".
Rx3 on Friday said there is no certainty it will make a formal offer for Kinovo.
By Tom Waite, Alliance News editor
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Kinovo Plc (KINO)