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GPG offer for Staveley now unconditional

By Phil Boeyen, ShareChat Business News Editor

Thursday 28th September 2000

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GPG's bid to buy all of UK support services company Staveley Industries has gone unconditional.

In August GPG announced a basic offer of 60 pence per share for all the shares in Staveley that it doesn't already own. GPG already owned 29.9% of the company.

The offer valued the issued share capital of Staveley at around 69.8 million pounds, and the 60 pence offer was a small discount to the company's pro forma net assets of 64.8 pence per share. An alternative offer of 25.6 pence per share was also made, which was exclusive of a special dividend.

Deloitte and Touche Corporate Finance, which made the cash offer facility on behalf of GPG, says the basic offer will close today and the alternative will remain open until further notice.

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