Landis prepares to go hostile on ilion
'Considering its position'
Landis is marshalling its forces for a hostile takeover of rival networking distie ilion. In a statement to the Stock Exchange yesterday, the Dutch-owned company said it was "considering its position" considering a possible offer of ilion. Landis has a head-start: earlier this year founder Paul Kuiken snapped up more than 12 per cent of ilion's share capital, through his investment vehicle Finance IT, in an opportunistic buying spree. It doesn't take too much to work out which way FIT's vote will swing. ilion last week terminated takeover talks with unnamed parties, saying that offers did not adequately reflect the value of the company. In July, ilion snubbed a formal offer from Landis. "The price of 114 pence per share seriously undervalues the company and is, in the board's view, totally unacceptable. It pays no regard to the stronggrowth and strategic market position in Europe nor to the recovery potential of the UK," Ilion said at the time. ®
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