Global healthcare firm makes revised bid for Carclo

A revised takeover offer by global healthcare company Consort Medical for Wakefield-based Carclo has been submitted.

Updating the markets this morning, listed plastic components manufacturer Carclo said discussions about the new bid were “ongoing.”

As such, the takeover and mergers panel has extended the deadline for Hertfordshire-based Consort Medical to either announce a firm intention to make an offer or announce that it no longer intended to do so. The new deadline is 5pm on 13 August.

Earlier this month, Carclo announced it had rejected Consort Medical’s first takeover offer. At the time, the firm stated that the proposed bid “in no way reflected the fundamental value of the company. Consequently, the Board was unanimous in rejecting this opportunistic approach.”

Consort makes drug delivery devices such as inhalers and its first offer was a non-binding, all-share acquisition proposal.

In January, Carclo – which manufactures plastics and has an LED Technologies division which incorporates its LED super car lighting business –  issued a profit warning due to contract delays. 

As a result, shares in the firm plummeted 46% in its early morning trading.