UPDATE 1-Devro says offer talks have ended
(Adds details, updates share price)
By Kerstin Neuber
LONDON, April 13 (Reuters) - British sausage skin maker Devro Plc (DVO.L) said on Friday that takeover talks with a potential buyer had been terminated as the parties were unable to agree on a solution to secure Devro's UK pension scheme.
Shares in Devro were down 3.6 percent following the news.
"The potential offeror and the trustees have been unable to reach a mutually acceptable position in relation to the longer term security of Devro's UK pension scheme," Devro said in a statement.
In January, the Glasgow-based company said it had received a bid approach worth 244 million pounds ($485 million) or 150 pence a share, but did not disclose who the potential buyer was.
Newspaper reports, however, had said John Magnier -- the Irish horse racing tycoon -- was behind the bid through investment vehicle Acomita.
Devro was also at an advanced stage in identifying a successor to Chief Executive Graeme Alexander, the firm said.
Shares in Devro were trading down 3.6 percent at 121.5 pence, valuing the firm at 197.9 million pounds.
- Tweet this
- Share this
- Digg this
- Ten countries scour sea for Malaysia jet lost in 'unprecedented mystery' |
- Exclusive: Malaysia plane probe narrows on mid-air disintegration - source
- Shots fired in air during raid at Crimea naval base |
- Missing Malaysian jet may have disintegrated in mid-air - source |
- CORRECTED-UPDATE 4-Malaysia Airlines plane crashes in South China Sea with 239 people aboard - report