Daisy bidders cut possible offer price

A GROUP considering a potential bid for Lancashire telecoms business Daisy has reduced the amount it is willing to pay because the value of the shares has fallen in recent weeks.

The firm’s chief executive Matthew Riley, together with Toscafund Asset Management and Penta Capital, floated a potential offer at 190p a share in mid-August.

But since then the value of the shares has fallen from around 190p to 155p.

Talks have dragged on and the deadline for a formal offer has been extended on several occasions. Now the consortium is considering an offer at 185p.

The higher price values the business at £507m while the latest puts it at £493m. Yesterday’s closing price of 155p gives it a value of £413m.

In a statement Daisy said: “The independent directors of Daisy are considering the revised terms of the possible cash offer and a further announcement will be made in due course.”

The consortium has until October 20 to announce a firm intention to make an offer.

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