Anderson to make offer for Oglesby & Butler

AN OFFER is to be made for Carlow-based Oglesby & Butler from businessman Kevin Anderson, the firm confirmed yesterday.

In a statement, the company said the well-known private investor increased his shareholding in the Dublin-listed tool maker to over 30 per cent through the purchase of 2,344,685 ordinary shares yesterday.

Prior to the new acquisition of shares, Mr Anderson held 3,687,782 shares in the company.

This holding represented approximately 29.95 per cent of the total issued share capital.

As a result of the latest acquisition of shares, the businessman has an obligation under Rule Nine of the Irish takeover rules to make a mandatory offer for the company at a price of not less than 31 cent per share.

The firm recently announced that revenues rose by 200 per cent in the three months to June 30th, compared to last year.

This rise was attributed to a recovery in the sales of industrial products.

Last month Oglesby & Butler reported revenues of €7 million in the year to March 31st, 2010, a jump of 42 per cent.