Glynwed to buy out Victaulic
Friday 30 June 1995
The agreed deal was well received. Shares in Glynwed eased 8p to 325p. Glynwed is offering three of its shares plus 329p in cash for every four shares held in Victaulic. The terms value each Victaulic share at 326p against yesterday's stock market price of 323p, up 48p. Gareth Davies, chairman of Glynwed, said: "The enlarged group will be able to offer wider, complementary product ranges, access to new markets and broader geographical coverage."
The takeover comes at a time when Victaulic is struggling to offset the fall in orders from British Gas for pipes and fittings. David Stewart, managing director of Victaulic, yesterday warned that a shortfall in sales would hit current year results. However, good progress had been made in reducing the company's dependence of the UK gas and water industries.
In contrast, all of Glynwed International's businesses at the end of the first quarter were well ahead of last year. The company added yesterday that it was on course for another significant increase in earnings this year.
- 1 Engineer pictured fixing plane's engine with 'duct tape' by concerned EasyJet passenger
- 2 Two-year-old says goodbye to bin man best friend
- 3 Saudi Arabia mosque bombing: Two volunteer security guards hailed as heroes for stopping Isis suicide bomber reaching worshippers
- 4 There is something wrong but very right about this Bible illustration
- 5 Remove smartphones from the hands of under-18s and maybe they will grow up to be less dumb
Engineer pictured fixing plane's engine with 'duct tape' by concerned EasyJet passenger
Saudi Arabia mosque bombing: Two volunteer security guards hailed as heroes for stopping Isis suicide bomber reaching worshippers
Ancient 2,400-year-old gold bongs discovered in Russia
Porn stars in California may be forced to wear goggles under new legislation
Tampon tax scrapped in Canada after petition convinces conservative government
EU referendum: David Cameron's rules are a 'democratic disgrace', says French-born Scottish politician set to be denied a vote
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
A nation of inequality: How the UK is failing to feed its most vulnerable people
Australian man punched in the face for defending Muslim women from abuse on train
EU referendum: David Cameron to deny EU migrants and under-18s the chance to vote
iJobs Money & Business
£30 - 35k: Guru Careers: We are seeking a Pricing Analyst to join a leading e-...
£20000 - £25000 per annum + OTE £45K YR1: SThree: At SThree, we like to be dif...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is a mul...
£55 - 65k (DOE): Guru Careers: A unique opportunity for a permanent C# Develop...