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Compel urges shareholders to stay put

85 million offer taking the mickey

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Computacenter has been labelled "opportunistic" by Compel after launching a hostile bid for the reseller.

"The board of Compel regards Computacenter's current proposal as opportunistic and one which significantly undervalues the company," Compel said in a statement.

"Consequently, the board of Compel advises shareholders to take no action with regard to their shareholding in Compel."

From the message , it appears that Compel directors would not be too averse to the company being bought, more that the price is too cheap.

Compel said it first received the 275p per share proposal from reseller giant Computacenter on May 22, but thought the offer was not high enough. The two met last Thursday, with Compel trying to persuade Computacenter it was worth more.

But Computacenter refused to up its bid. "Consequently, discussions were terminated, although Compel made it clear that it was prepared to resume discussions if Computacenter increased its proposed offer significantly," Compel said.

As for Specialist Computer Holdings camp, which bought 3.5 million shares in Compel two weeks ago, all was quiet. Directors were no doubt watching in glee as their investment closed up 55 pence at 267p yesterday, almost a third higher than they paid for them. ®

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