IMPSHIRE Thoroughbred has received an £8 million bid from Porthos, a subsidiary of Imperial Livestock Corporation. The two companies are the beneficial holders of shares representing 80 per cent of Impshire whose share listing on the Irish Stock Exchange was cancelled last January. This followed the closure of the Unlisted Securities' Market on December 31st.
The offer represents 110p per share, a premium of 40p on the last quoted price in November. It also, represents a small premium over the net asset value of 109p per share as indicated in the unaudited accounts of Impshire for the four months ended April 30th 1997.
Impshire postponed its annual general meeting in March pending an examination of the various options facing the company. The plan was to return the assets to the shareholders.
Impshire moved out of blood stock and is now a totally cash company. The Impshire board is recommending the offer from Porthas.
Deloitte and Touche Corporate Finance, retained to give an independent view, has considered the terms as fair and reasonable.
Imperial Livestock Corporation is controlled by the trustees of the Vare family. The wife of the late Mr Simon Fraser, a former chairman of Impshire, is a member of the Vare family.
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