Evans of Leeds may go private at pounds 164m
Saturday 22 May 1999
The company said the Evans family, led by the company's chairman Michael Evans, has made an approach that would value the group around 125p per share.
This is a 24 per cent premium to the closing price on Thursday but it is a long way short of the 176p peak a year ago.
The shares closed 17p higher at 119.5p yesterday.
The Evans family already controls 53 per cent of the shares so the offer will be examined by a committee of four non-executive directors which include Keith Hellawell, the Government's so-called "Drugs Tsar".
It is understood that the family has become disenchanted with the stock market and the low valuations it attaches to smaller, property groups.
The group has also been hit by the new FRS13 accounting measures which have forced the revaluation of a pounds 100m debenture taken out by Evans at an interest rate of 11 per cent four years ago.
Evans is the latest in a series of companies to turn its back on the stock market, which increasingly favours large, international stocks in high growth sectors like telecoms and pharmaceuticals.
However, minority shareholders, which include the Prudential with a 10 per cent stake, may take a dim view of the offer which was described by one analyst as "not exactly generous".
The Evans family started the company after the First World War as a small scale local developer.
Its most high-profile investment has been the White Rose shopping centre in Leeds which was developed jointly with Land Securities, one of Britain's biggest property companies.
Last year Evans of Leeds reported pre-tax profits of pounds 13.9m on turnover of pounds 30m.
- 1 Double chins could be 'cured' without surgery or dieting using new injection
- 2 The BBC has just done more to eradicate ‘terrorism’ than all our wars since 9/11
- 3 Dog thinks owner is drowning in lake, dives in and tries to pull him out
- 4 Thank heavens for Louise Mensch and her foul-mouthed tweets to world leaders
- 5 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Greece elections: Greek PM Alexis Tsipras takes aim at 'neo-liberal' Europe as country gears up for prolonged austerity battle
Auschwitz liberation 70th anniversary: Woman sent to three Nazi death camps describes surviving gas chamber
Chilling drone footage captures Auschwitz ahead of 70th anniversary of liberation
Prince Philip set to be knighted by Australia: Celebrate by reading his greatest gaffes
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
iJobs Money & Business
£16500 - £16640 per annum: Recruitment Genius: This fast growing Finance compa...
£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...
£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...
£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...