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ME Group terminates offer period after no adequate bids
(Sharecast News) - Self-service vending machines group ME Group has officially terminated its offer period, after having not received an adequate approach from a third party. The company entered an offer period in June after saying it was evaluating strategic options to enhance shareholder value.
It had since been engaged with "several interested parties" regarding a potential offer.
"The board of directors confirms that it has not received an offer that it believes would be in the best interests of all the company's shareholders, and therefore discussions have been terminated," ME Group said in a statement.
As a result, the company has had to officially pull out of the offer period as defined by the Takeover Code.
"ME Group is committed to delivering value for shareholders, underpinned by its long-term strategy to grow its core laundry and photobooth activities, particularly the expansion of its laundry operations," the firm said.
The stock was down 3.2% at 157.6p by 0938 GMT.
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