The Fuhrer family has raised its offer for Goldshield Group plc (LSE: GSD) to ₤4.50 per share. The new offer was in response to yesterday's announcement by Goldshield's senior management that they would seek to acquire control of the company at a higher price than the Fuhrer family's original offer of ₤4.40 per share.
The Fuhrer family is seeking to acquire Goldshield through AIT Investments Ltd. The new offer represents a company value of £165.7 million for Goldshield, 2% more than the original offer.
Goldshield announced today that its independent directors favor AIT's bid. The company added that its former CEO, Ajit Patel, plans to sell his 4.8% stake in the company to AIT.
Goldshield's share fell 1.9% today to ₤4.66, giving a market cap of ₤171 million. The share is at a 52-week high, indicating that investors believe that the struggle for control of the company will result in both parties raising their offers further.
Published by Globes [online], Israel business news - www.globes-online.com - on September 24, 2009
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