Pyrrho seeks answers over bid for Business Exchange

 

There was a new twist in the long-running takeover saga around the office space provider MWB Business Exchange yesterday after a top shareholder called on the bidder to explain why it had failed to come forward with a formal offer.

Pyrrho Investments, the second-largest shareholder in MWB Business Exchange, had signed an undertaking to back an offer by the company's biggest investor, MWB Group, which owns around 72 per cent of the business. But the agreement expired on 12 August, prompting the demand for an explanation.

The MWB offer values Business Exchange at around 80.1p per share, or £52m, above the £49.4m value implied by yesterday's closing share price of 76p.

Pyrrho said MWB Group needed to explain formally "to all shareholders of MWB and Business Exchange the specific reason for the delay in pursuing the possible offer, as well as the expected timetable to complete the possible offer".

In the absence of a public explanation, however, Pyrrho said Business Exchange's independent directors should go to the Takeover Panel and ask for a deadline compelling MWB to either make a formal bid, or walk away for at least six months.

Pyrrho added that if MWB "is unable or unwilling" to go ahead with the bid, then Business Exchange should seek out other suitors. "Business Exchange's shareholders have been more than patient in allowing MWB to formulate a possible offer," Pyrrho's investment director Paul Cummins said.

MWB declined to comment on Pyrrho's statement but, despite the delay, the company is understood to be pressing ahead with its offer for Business Exchange. Earlier, MWB snubbed interest in the company from the FTSE 100-listed office provider Regus.

Independent Comment
blog comments powered by Disqus
News in pictures
World news in pictures
       

Day In a Page

Johnny Marr talks relationships and reunions

He's worked with Modest Mouse, the Pet Shop Boys and Beck, to name a few, and recently released his first solo album. So why, wonders Johnny Marr, do people still hark on about The Smiths?
After the flood: From Haiti to Britain, one man has captured the devastation of our increasingly deluged lands

In pictures: After the flood

From Haiti to Britain, one man has captured the devastation of our increasingly deluged lands
Death becomes her: Meet the very modern mortician who champions 'cool' funerals

Death becomes her: A very modern mortician

Ever considered baking a loved one's remains into a cake or putting their ashes in fireworks? If so, talk to Caitlin Doughty, champion of the alternative death industry.
How long can the 'Keep Calm' trend carry on?

How long can the 'Keep Calm' trend carry on?

At first it seemed clever and cute. Then the 'Keep Calm' motif went mad, spawning endless offshoots.
The man who built Brum: A lament for the demise of John Madin's Brutalist Birmingham

John Madin: The man who built Brum

The architect's buildings were supposed to leave an indelible, futuristic mark on his beloved hometown but they are now being inexorably torn down.
School of chop: Learning the art of butchery at the Ginger Pig

School of chop: Learning the art of butchery

How do you butcher a lamb? Or make Mexican street food in a British kitchen? Christopher Hirst finds out.
James Pembroke: The man who's eaten everywhere

The man who's eaten everywhere

Few people know more about restaurants than James Pembroke, who only spent five mealtimes at home during his entire childhood.
A Berliner in 1963 – but did John F Kennedy once admire Adolf Hitler?

A Berliner in 1963 – but did John F Kennedy once admire Adolf Hitler?

The young JFK praised 'superior' Nordic races during visits to Germany
Banned Iranian director Mohammad Rasoulof to attend Cannes Film Festival 2013, his first public appearance since prison

Banned Iranian director to attend Cannes Film Festival

Mohammad Rasoulof to make his first public appearance since being imprisoned three years ago
Seeing the larger picture: Inspiring images of space

Seeing the larger picture: Inspiring images of space

An exhibition explores images how photography has shaped astronomy
Eat Spam and carry on: Wartime pamphlets could teach us a thing or two about healthy, thrifty eating

Eat Spam and carry on

Wartime pamphlets could teach us a thing or two about healthy, thrifty eating
Facial hair: Cat beards and the purrrsuit of excellence

Facial hair

Cat beards and the purrrsuit of excellence
The 10 Best salt and pepper sets

The 10 Best salt and pepper sets

Whether they're for everyday use or to make your dining table look just right, it's worth getting a stylish shaker...
Ferran Soriano: Predicting success if Manchester City 'vision' is followed

Ferran Soriano: Predicting success if Manchester City 'vision' is followed

Chief executive says trophies will come if a 'core' of suitable players is in place
Thomas Müller: We couldn't handle losing a Champions League Final again

Thomas Müller: We couldn't handle losing a Champions League Final again

The Bayern Munich forward tells Tim Rich his side have to shed chokers' tag after two recent final defeats