UK: Pura board dismisses takeover bid, shares rise

UK edible oils and fats group Pura yesterday rejected a takeover bid from its former chairman, and shares soared in response. According a statement from the company, former chairman Ian Hutcheson, together with Peter Burton, had offered an undisclosed price. This was unanimously rejected as inadequate by the board.

UK edible oils and fats group Pura yesterday rejected a takeover bid from its former chairman, and shares soared in response.

According a statement from the company, former chairman Ian Hutcheson, together with Peter Burton, had offered an undisclosed price. This was unanimously rejected as inadequate by the board.

Shares climbed 21.2% in mid-day trading yesterday [Wednesday] as news broke that a takeover bid had been made. This still left the group’s shares some 11% below the value at the beginning of the year.

Hutcheson owns some 10.4% of the shares in Pura.