Kalon's cause has not been helped by a falling stock market. Although the terms were improved 10 days ago, the share offer is now worth 20 per cent less than at the outset.
Investors may be put off by the weakness in Kalon's shares. And news that British Steel Pension Fund, with its 22 per cent stake, will spurn the offer makes life difficult for Kalon.
However, there is little in Manders' bid defence, recent record or management capabilities to inspire confidence. Conversely, Kalon has turned itself around over the past five years. Accept the offer.Reuse content