Bid battle breaks out for TLG
Friday 11 September 1998
Wassall asked the TLG board to withdraw their recommendation for the Cooper bid and back the new offer. The DIY-to-furniture group revealed that it had built up a stake of 25.63 per cent in TLG after buying more than 10 per cent of its shares in a market blitz yesterday.
The offer from Wassall, which had been widely expected by the City, values each TLG share at 175p, 15p higher than Cooper's 160p offer and almost 60 per cent above TLG's closing price on 31 July, the last working day before the Cooper bid.
The US group said last night that it was "reviewing its options". It declined to say whether it would increase its offer. TLG, the maker of Thorn lighting products which was spun off from Thorn EMI in 1993, advised shareholders to take no action until Cooper's intentions are known.
- 1 Forget 'The Dress': Here are five of the biggest news stories you might have missed
- 2 The black and blue dress: Makers considering a white and gold version
- 3 PornHub turns masturbation into energy in bid to save the planet
- 5 Saudi Muslim cleric claims the Earth is 'stationary' and the sun rotates around it
New theory could prove how life began and disprove God
This is what it's like to be dead, according to a guy who died for a bit
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Russia's roadmap for annexing eastern Ukraine 'leaked from Vladimir Putin's office'
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...