Minorplanet says no to approach
Published Date:
09 May 2008
By Peter Edwards
VEHICLE tracking firm Minorplanet Systems has rejected a potential takeover bid as it revealed pre-tax profits had risen.
The Leeds-based business said the approach, from an unnamed firm and outlining a possible cash offer at 40 pence per share, had undervalued its market position.
Chairman Lars McBride said: "This (offer) materially undervalues the company's leading position in the telematics market, its strategic position and its prospects.
"There can be no guarantee that an offer will materialise nor as to the terms on which any offer will be made."
He spoke as Minorplanet announced it had increased its pre-tax profits to £300,000 for the six months to February 29.
It said it had grown strongly in the UK but this had been offset by temporary weakening in its Irish and Australian operations.
Mr McBride said Minorplanet had invested in new products and new distribution channels over the last year.
The full article contains 157 words and appears in n/a newspaper.
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Last Updated:
09 May 2008 9:16 AM
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Source:
n/a
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Location:
Yorkshire
