Non-execs reject Computacenter buy-out bid
Founders offer rejected
Computacenter’s independent directors have turned down a bid by the reseller giant’s founders and senior management to take the firm private, the Daily Telegraph reported today.
On Wednesday, according to reports, Sir Peter Ogden and Philip Hume and the rest of the bid team offered 255 pence per share for the shares in the reseller they did not already own. The firm’s shares closed at 261 pence last night. When Computacenter floated in 1998, its shares were priced at 670 pence each.
The Telegraph reported today that the 255 pence per share bid, which values the company at £485m, was rejected by a committee of independent non-executive directors.
Wednesday’s offer may be just an opening offer, though the Telegraph reported that the bid team is “disinclined to raise their price” further.
The Hulme and Ogden plan to bid for Conmputacenter emerged last month. Computacenter has issued a string of profit warnings this year.®