Taberner to net pounds 1m from Polyhedron sale

Click to follow
The Independent Online
TAB TABERNER, the chief executive of Polyhedron, is set to net around pounds 1m from the sale of his stake in the machine tool maker after the company agreed a pounds 33m bid from American Tool Companies of the US.

Mr Taberner and his fellow Polyhedron directors have agreed to sell their 10.1 per cent holding in the Sheffield-based group to American Tool, whose major shareholder is the US houseware producer Newell Co, for around pounds 3m.

Illinois-based American Tool, a hand tools maker, is offering 88p for each Polyhedron share.

The bidder said yesterday that its offer had been accepted by the holders of around 50.5 per cent of Polyhedron's shares.

The share price of the UK company, which hit an all-time low of 39.5p three weeks ago, yesterday soared 20p to 86p.

Polyhedron employs around 800 people, with more than half of its revenue coming from the UK. Last year, it posted a profit of pounds 4.1m on sales of pounds 53.1m.

American Tools said that the acquisition of Polyhedron would provide it with a manufacturing base in the UK.