AMS snubs bid approach

CHESHIRE woundcare business Advanced Medical Solutions (AMS) has rejected a bid approach from Consort Medical.

Earlier today AMS shares surged 11% and Consort confirmed it had made an approach, “which may or may not lead to an offer being made”.

A later statement from AMS said it had received a verbal indication of an offer price from Consort Medical, a quoted medical device business based in Milton Keynes. This was “firmly rejected” and a revised offer has not been made.

Shares in Winsford-based AMS have risen 13%, or 4.5p, to 38p during the day.

AMS’ main product is LiquiBand product, a tissue adhesive which is used to help heal wounds.

After a tough first half, which saw AMS slip into the red as a result of an abortive acquisition, trading has recovered.
 
In December the group said it had had a stong second half and last month it secured a distribution deal with US healthcare group Cardinal Health for LiquiBand.

Consort Medical’s shares rose 2% to 362p. The company’s market value is £104m – twice that of AMS.