Celsis board rejects cash bid
Thursday 04 June 1998
It is understood that the Celsis board turned down a cash bid for Celsis Laboratory Group, its US division, from Arthur Holden, who resigned as chief executive last month, because the price offered was too low.
CLG, which owns two laboratories in St Louis, Missouri, and New Jersey, accounted for around a quarter of Celsis's pounds 16.2m turnover last year.
At the time of his resignation, Mr Holden, who now lives in Chicago, had said that he was looking at making a bid for the whole company or taking it private.
However, yesterday's setback appeared to signal the end of Mr Holden's ambitions to own Celsis, as the company said that he did not intend to make an offer for the whole group and all discussions with him had terminated.
In a separate development, Celsis said that a "number of other parties had expressed an interest" in opening talks over a possible takeover.
The finance director, Mark Harris, said that it had been approached by about four other companies.
Mr Harris declined to name the potential bidders but said that they were "leading companies in the field" and were all "substantially bigger than Celsis".
Celsis said it was "reviewing" the approaches but added that it is "not seeking a purchaser".
- 1 Thailand deaths: Pair's bloodied bodies found naked on Koh Tao beach
- 2 Scottish independence: Ireland since 1919 is a lesson for Scotland in what a Yes vote means
- 3 Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
- 4 John Travolta addresses former pilot's gay romance allegations publicly for the first time
- 5 Kanye West stops concert after two fans don't stand up - doesn't realise one is in wheelchair and the other disabled
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
Portuguese academic says British are 'filthy, violent and drunk'
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly
iJobs Money & Business
£20 - 24k (Uncapped Commission - £35k Year 1 OTE): Guru Careers: We are seekin...
£20 - 24k + Benefits: Guru Careers: This is a great opportunity for an enthusi...
£280 - £320 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...