Michael Doherty, Henlys chairman, told shareholders in its defence document published yesterday: 'Cowie has timed its offer to take advantage of a peak in its share price at a time when the Henlys bus and coach division has been severely affected by the recession.'
Henlys has said it will make a pounds 900,000 loss in the six months to 30 June, compared to a loss of pounds 4.5m last time. It also promises to pay a maintained interim dividend of 1p.
Institutional investors and City analysts predict Cowie will not succeed in its all-share offer in its current form. Improved terms and cash are required, they believe.Reuse content