Seafield, the Irish-quoted transport company based in Britain, has announced it received an approach which may lead to an offer for its principal operating subsidiary. Responding to the recent increase in the share price, the brief statement said the discussions were at a preliminary stage.
The shares have soared from 9p sterling in London at the beginning of March to 15.75p on March 3rd and closed at 14.5p, up 0.25p, yesterday. The shares fell by 2.5 cents to 21.5 cents in Dublin.
Seafield has been the subject of takeover rumours on a number of occasions. The latest suitor is understood to be a British company. According to the statement, the suitor is not interested in the share quotation.
In the event of a takeover, Seafield would be left with a shell with cash. That cash could be paid out in a dividend or realised by liquidating the publicly quoted holding company.
Seafield has been exploring ways to maximise the return to its shareholders and recently appointed Albert E Sharp Securities as its financial advisers, and joint broker with Goodbody Stockbrokers.
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