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UPDATE 1-Devro says offer talks have ended
April 13, 2007 / 11:37 AM / 11 years ago

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.

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