Cape takeover talks terminated
CAPE, the Yorkshire industrial services group, has confirmed that any takeover talks have now ceased.
The group announced last Friday that it had received a “very preliminary” approach from a third party, which could have led to an offer for the firm.
However, it has now said that all talks had been terminated and that the oil and gas industry services company is no longer in an offer period for the purposes of the Takeover Code.
Shares in the company closed down 12.5% at 218.00p.
In May, Cape announced a solid start to the year with overall trading in line with expectations for the year to date.
It said that activity levels in the Far East/Pacific Rim region were ahead of 2009 offsetting the expected lower activity levels in the Gulf/Middle East region following the completion of several major projects.
The group said that there had been no significant change to its financial position during the period with continued strong operating cash flows and substantial headroom available under the group’s funding facilities.
