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Sugar urges Viglen shareholders to reject his takeover offer

Undervalued, he says

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Alan Sugar, the Amstrad and Tottenham Hotspur and Viglen chairman, is to make a mandatory offer for the outstanding shares in Viglen that he does not own. But in a curious twist, he is urging other shareholders to refuse his offer for the PC builder. The offer at 24p per share values Viglen at £29.3 million, around one third of turnover. Sugar is required by takeover rules to make an offer for the entire share capital of Viglen, after raising his stake in the company on October 8 by 8 per cent to 41.7 per cent. At 24p per share (the price Sugar paid for his new shares), the company is undervalued, he argues. It is also in Viglen's “best interests to maintain its listing the London Stock Exchange," he said in a statement. “As such it is not my wish to take the company private.” It will be interesting to see how many of Viglen’s long suffering shareholders will take him at his word. ® Sugar prepares for Viglen bid Viglen profits "linear at best" Click for more stories

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