Straight receives takeover approach

RECYCLING products group Straight has announced it has received a takeover approach.

The Leeds-based business said it had received a “preliminary approach” from environmental and renewable energy group One51 after its shares rose by around 10% to 51.25p.

Straight said that there is no certainty that the approach will lead to an offer being made for the company.

Under the City Code on Takeovers and Mergers, One51 has to make an offer for Straight or walk away within a month.

One51 is based in Dublin and operates a portfolio of businesses in the areas of environmental services, renewable energy and injection moulding plastics.

It had turnover of €345.9m last year with total operating profit €5m and net debt of €88.9m.