Investment group Guinness Peat is bidding almost £70m for Staveley Industries, the diversified industrial group which has steadily divested leaving little but the facilities services company Integral.
Guinness Peat Group, which already has a 29% stake in Staveley, is making a discounted offer of 60p a share to take control of the company.
Commenting on the Offer, Sir Ron Brierley, Chairman of GPG said: "Staveley's recently declared special interim dividend of 34.4 pence per share will reduce its capacity to absorb future problems which may occur in the businesses remaining after the disposal of British Salt. If Staveley becomes a subsidiary of GPG, it will provide an added measure of stability which will assist the management of the operating businesses in a somewhat difficult market environment for smaller UK listed companies."
Staveley provides technical services which are designed to support the operation of the facilities and assets of its customers. In the UK, Staveley provides facilities management services (together with mechanical, electrical and fabric maintenance services) to commercial, retail, industrial,
local authority and Ministry of Defence premises through Integral and a range of contracting services in banks, factories and retail premises through EI-WHS, MJN Colston and Hall & Kay.
Richard Byatt
