Kinovo 'minded to recommend' £56.4m takeover proposal from Sureserve.
Kinovo confirmed on Monday that it has received a best and final indicative, non-binding takeover proposal from Sureserve valuing the specialist property services group at around £56.4m.
Source: Sharecast
Responding to recent press speculation, AIM-listed Kinovo said Sureserve had offered 87.5p per share in cash, following a number of earlier proposals.
Having considered the possible offer, Kinovo said it would be minded to recommend it to shareholders should a firm intention to make an offer be announced.
"A further announcement will be made if and when appropriate," it added.
Under UK takeover rules, Sureserve has until 1700 BST on 10 June to either announce a firm intention to make an offer or walk away.
At 1615 BST, Kinovo shares were up 31% at 81.40p.
Compare our accounts
If you're looking to grow your money over the longer term (5+ years), we have a range of investment choices to help.
Halifax is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.
