USI bids pounds 82m for Spring Ram
Friday 25 June 1999
USI is offering 18p in cash for every Spring Ram share, a 29 per cent premium to the closing price on Wednesday and more than three times its value earlier this year, when the shares plunged to 5p.
The deal marks an achievement for Roger Regan, the father of the young entrepreneur Andrew Regan, whose attempt to take over Co-Operative Wholesale Services failed two years ago.
Roger Regan joined the group as chairman in 1993 and discovered that Spring Ram, a stock market favourite in the Eighties, had overstated its profits due to financial irregularities.
"My achievement is the business hasn't gone belly-up - there are 2,000 people now part of it," he said.
USI, formerly the US wing of Hanson, said it needed to buy a UK base to market Jacuzzis efficiently in the UK.
Currently, its nearest plant is in Italy. David Clarke, chief executive of USI, said he would retain the current management. Spring Ram shares closed up 4p at 18p.
- 1 Jeremy Clarkson 'sees no problem' with his racist language on Top Gear, says BBC
- 2 'Alien thigh bone' on Mars: Excitement from alien hunters at 'evidence' of extraterrestrial life
- 3 Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
- 4 London restaurant 34 creates champagne glass modelled on Kate Moss’ left breast
- 5 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
'Alien thigh bone' on Mars: Excitement from alien hunters at 'evidence' of extraterrestrial life
Russell Brand opposes anti-Semitism after death threats: 'We must disavow all forms of prejudice that lead to exclusion and execution'
James Foley 'beheaded': Isis video shows militant with British accent 'execute US journalist' – as hunt begins for killer
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
Microbial life found living on the exterior of the International Space Station, say reports
Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
Scottish independence: English people overwhelmingly want Scotland to stay in the UK
Isis threat: Cameron wants an alliance with Iran
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
Disgusting, frustrating, but intriguing: how the country really feels about its politicians
Bin bag full of cats' heads discovered near Manchester's Curry Mile
iJobs Money & Business
£30000 - £40000 per annum + benefits+bonus+package: Harrington Starr: C#.NET ...
£20000 - £30000 per annum + benefits+bonus+package: Harrington Starr: Junior D...
£550 - £650 per day: Orgtel: Business Analyst - Traded Credit Risk - Investmen...
£55000 per annum: Harrington Starr: A financial software vendor at the forefro...