TT ponders higher offer for Hall

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The Independent Online
TT GROUP is considering whether to raise its bid for Hall Engineering and will announce its decision by Friday, the engineering firm said yesterday, writes Peter Thal Larsen.

John Newman, TT executive chairman, said the group had been waiting to see Hall's accounts, released last week. "We are seriously contemplating raising our offer," he said.

TT has cut 540 jobs, 6 per cent of its workforce, this year. The cuts, which will trigger a pounds 1.9m charge, were in response to the pound's strength, which caused a 2 per cent fall in turnover and limited pre-tax profits to pounds 65m,up 4 per cent.

In January, TT launched a hostile bid for Hall worth pounds 51.8m; Hall rejected it as "derisory". Hall shares were unchanged at 140p yesterday. TT shares closed up 1.5p at 195p.