Lack of shareholder interest scuppers Sprue Aegis takeover bid

AN attempt to take over Coventry-based safety products manufacturer Sprue Aegis by BRK Brand Europe has failed after it received virtually no backing for the bid.

BRK – one of Sprue Aegis’s major shareholders – has lapsed the offer having received valid acceptances for its offer representing approximately 1.26% of the existing issued share capital.

The independent directors of Sprue said they welcomed the announcement.

The directors had rejected the takeover bid, dismissing it as “wholly unadequate, unwelcome and highly opportunistic”.

Smoke alarm supplier BRK – one of the brands distributed by Sprue Aegis – had earlier announced it was making a cash offer to acquire the entire issued and to be issued share capital of Sprue Aegis not owned by its parent Jarden Corporation.

BRK said that should the offer not be successful, it would need to consider the viability of its ownership position and the future of a distribution agreement when its initial term expires in 2015.