Inkjet specialist Xaar has rejected an unsolicited approach from Danaher in relation to a possible offer for the company at between 200-220p per share in cash.
“After consideration, the board rejected this approach,” it states. “Whilst an offer on these terms would represent a premium of between 38.5-58.5p to the closing share price of 161.5p on November 13, 2006, more relevantly it would represent a discount of between 118-138p to the 12 month share price high of 338p.
“The board views the timing of this approach as opportunistic. It continues to be confident in the longer term prospects of the company in a rapidly growing market, as well as in the strategic value of its digital inkjet technology. Accordingly, the board advises shareholders to take no further action at this time.
This announcement is made without Danaher's consent. There can be no certainty that an offer will be made nor as to the terms on which any offer might be made.”
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