Crean 550p bid wins backing of Inishtech


JAMES Crean's efforts to buy out the remaining minority shareholders in lnishtech now look set to succeed after the Inishtech board recommended that shareholders accept the 550p a share cash offer.

The Inishtech board met in Gibraltar and shortly afterwards issued a statement recommending acceptance of the Crean bid. Crean already has almost 94 per cent of Inishtech shares but, under takeover rules, is required to obtain 80 per cent acceptances in respect of the 6.1 per cent it has not already acquired.