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ilion says no thanks to Landis bid offer

Accuses rival of undervaluing the company

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Troubled networking distributor ilion has rejected an acquisition bid by rival Landis, saying the offer undervalued the group. Landis approached the networking distributor with a cash offer for all ilion's issued share capital at 114 pence per share, according to an ilion statement. The offer was subject to pre-conditions including due diligence and the recommendation of the ilion board. The board said the price per share undervalued ilion, describing it as "totally unacceptable." "It pays no regard to the strong growth and strategic market position in Europe nor to the recovery potential of the UK," the company stated. "Accordingly, the board has rejected the approach." In last week's trading update, ilion said sales were "satisfactory" for the six-months ended 30 June. But UK revenues were down on the previous year, and the group said it was still in take-over talks with a number of parties. Earlier this year the ailing UK arm lost its prized possession, the Cisco franchise, amid allegations of fraud that may cost the group £500,000. ilion's share price rose 9.5 pence to 108 pence this morning. ®

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