Portsmouth jumps 10% on rival offers
Tuesday 26 January 1999
The share price jumped from pounds 15 to pounds 16.50, valuing the company at pounds 179.6m, against pounds 129.0m on Thursday, the day before Johnston announced its offer.
Johnston, which has already bought 14.99 per cent of the group, is offering pounds 16 a share to take its stake up to 24.99 per cent. On Friday it requested DTI consent to allow it to raise its stake beyond this.
Charles Brims, chief executive of Portsmouth, yesterday held the door open to a higher bid from a rival group or venture capital company, saying all offers would be considered.
"We are not being a dog in the manger about this. If someone comes up with a higher offer we will look at it. But if we are going to sell, it will be at a much higher price than pounds 16 a share."
Mr Brims declined to discuss details of negotiations. Likely bidders include Newsquest, the rival news company, and Trinity, the media group which recently made an unsuccessful offer for the Mirror Group.
Three of Portsmouth's biggest shareholders yesterday took the opportunity to take profits. Shares in the group have sharply underperformed the FT All-Share index for most of the last five years.
Phillips & Drew sold more than half of its stake and hung on to 5.2 per cent, while Aberforth reduced its holding from 5.4 to 2.3 per cent. Mercury Asset Management also sold more than half its stake, leaving it with 2.3 per cent.
The outcome of the battle now lies in the hands of two families, the Storeys and the Cators, who, together with associates and directors, own 40 per cent of the group. Portsmouth claims to have their support.
Anthony De Larrinaga, a media analyst at WestLB Panmure, described Johnston as "like a dog to Portsmouth's lamp-post. It is marking out its territory."
- 1 Rice Bucket Challenge: India's take on the Ice Bucket Challenge 'for Indian needs'
- 2 Pamela Anderson rejects ice bucket challenge because of ALS experiments on animals: 'Mice had holes drilled into their skulls'
- 3 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 4 Rubble Bucket Challenge: Ice Bucket Challenge adapted in solidarity with Gazans whose homes have been destroyed in conflict
- 5 Teenager dies after suspected ice bucket challenge goes horribly wrong
Pamela Anderson rejects ice bucket challenge because of ALS experiments on animals: 'Mice had holes drilled into their skulls'
Matt Damon uses toilet water in ice bucket challenge to stress sanitation issues in developing world
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
Rubble Bucket Challenge: Ice Bucket Challenge adapted in solidarity with Gazans whose homes have been destroyed in conflict
Car tax disc changes: Make sure you know the new rules from 1 October or risk £1,000 fine
Exclusive: We share blame for creating 'jihad generation', says Muslim strategist
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
Jeremy Clarkson is a cultural tumour and needs to be removed, says comedian Frankie Boyle
Air strikes? Talk of God? Barack Obama is following the jihadists’ script after James Foley beheading
- < Previous
- Next >
iJobs Money & Business
£23000 - £26000 per annum: Ashdown Group: Account Executive / Client Services ...
£36000 - £38000 per annum: Ashdown Group: Executive PA to CEO & Executive Dire...
£25000 - £28000 per annum: Ashdown Group: Generalist HR Administrator - Tunbri...
£45000 - £75000 per annum + benefits+bonus+package: Harrington Starr: Senior C...