Menvier considers takeover

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The Independent Online
Menvier-Swain, the emergency lighting and fire alarms group, confirmed yesterday that it had boosted its stake in Scantronic, the troubled security components maker, and that it might launch a full takeover bid, writes Martin Flanagan Menvier, based in Banbury, has bought 550,000 shares at an average price of 16p - raising its holding to 4.49 per cent from just under 3 per cent.

Scantronic refused to comment. It disclosed last month that it was in possible bid talks with an unnamed party. Menvier said: 'In view of Scantronic's recently announced financial and trading difficulties, the board of Menvier has been seeking to obtain an appropriate understanding of Scantronic's financial position and prospects.'

It is thought one sticking point is what Menvier believes are too rigorous confidentiality agreements insisted upon by the target company before opening up its books.

It is believed Scantronic may have stipulated that Menvier does not approach any of its suppliers.

Scantronic's shares rose 2p to 19.5p. Menvier-Swain's shares were steady at 262p.