Filofax accepts pounds 50m takeover

FILOFAX GROUP, the personal organiser company, has agreed a pounds 50.3m takeover from Day Runner, its US rival, which launched a hostile bid on Thursday. Day Runner increased its initial offer of 200p per share to 210p, a 50 per cent premium to the closing share price on Wednesday. Filofax said the offer "fairly recognises the value we have tried to build".

It emerged yesterday that Day Runner discussed a possible deal with Filofax 18 months ago, but could not agree a price. Day Runner has offered to keep on the entire board of Filofax apart from Robin Field, its chief executive. Mr Field will make almost pounds 1m from his shareholding. The biggest individual stake is held by Richard Koch, the management consultant who is a former non-executive director of the company. His 11 per cent stake is worth pounds 5.5m.