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Buy-out attempt at Malcolm
Page 16
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Scottish logistics operator Malcolm Group faces a take-over battle as its
management team attempts to buy it up. David Harris reports.
A MANAGEMENT buy-out bid at Scottish logistics firm Malcolm Group is reaching its climax, with the first deadline for shareholders' acceptance this weekend (18 March).
The buy-out bid is being led by Andrew Malcolm and his brother Walter. who have offered 105p a share for the group.
Not all shareholders are happy with the bid and it is understood meetings were held this week between the MBO group and shareholders who feel the offer price is too low.
The bid is being backed by City investor Chelverton Asset Management. Robin Boyle of Chelverton, which has a 1.6% stake in the company, says it will be accepting the offer.
He adds: -On the one hand we will be sorry to lose the 5% yield, which is quite good. but on the other we felt that an offer which equates to 14 times the P/E (price earning) ratio was pretty good.
"We will find it difficult to replace the stock — we have always like the Malcolm Group — but the offer seems a fair one."
The initial date of 18 March for shareholders to decide on the bid is likely to be extended for another 14 days, says a Malcolm Group spokesman.
Such extensions are normal practice when bids are made for companies in order to give shareholders the maximum time to respond.
The group's shares were trading at around 104p as CM went to press.
Boyle says that despite some misgivings from shareholders he expects the bid to be accepted.
Last year Malcolm Group's pretax profits jumped 30% to f4.7m.