RECRUITMENT FIRM Premier Group has made a tentative approach to buy UK recruiter Imprint, which is already the subject of a takeover battle, for £45.2 million (€60 million) in an all cash deal.
Shares in Imprint rose 7.6 per cent to close at 113p on the Alternative Investment Market in London, 1.7 per cent below Premier's possible cash offer of 115p a share. The offer values the 6.1 per cent stake in Imprint, held by businessman Denis O'Brien through his nominee company, Baycliffe, at just more than £2.75 million.
Premier's would be the highest cash offer of the three bids for the company. It represents a premium of 19.8 per cent above the highest guaranteed cash element of any offer for Imprint from rival UK recruit companies, Hydrogen or OPD.
Imprint reiterated its recommendation that shareholders vote for the offer from Hydrogen which is willing to pay £42.9 million, including £37.3 million in cash. OPD has tabled a bid of some £37.5 million for the business.
Premier first entered talks with Imprint in early November and submitted its first indicative offer of 114p a share on November 27th. It submitted its tentative cash offer on Monday having completed due diligence on the firm.
Premier was established in 1988 and has more than 350 employees in 18 offices across the UK and Ireland. It earned net fees of €47 million from a turnover of €90 million in 2007.
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