The board of Tavistock Investments has "unequivocally rejected" a takeover bid from fellow AIM-listed stock TEAM, after it said the firm had "significantly undervalued Tavistock and its standalone prospects".
TEAM, which owns TEAM Asset Management, approached Tavistock with an offer on 11 March and announced yesterday (23 March) that it was "seeking to engage with Tavistock shareholders to discuss the merits of a possible offer to acquire the entire issued and to-be-issued ordinary share capital of Tavistock". In a statement issued this morning, however, Tavistock's board said TEAM "omitted to mention" that the proposed terms of the initial approach were one TEAM share for every 45 Tavistock shares. "Based on the prevailing share prices at the time, [this] equated to 2.00p per Tavistock sh...
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