Member Article

Albemarle & Bond sale process terminated

Wakefield’s Albemarle & Bond has confirmed today that despite a number of proposals being received, “none of the proposals were deemed to represent a fair value for the Company.”

The board has decided to terminate the City Code sale process immediately. The panel on takeovers and mergers has confirmed that the Company is no longer in an offer period under the City Code.

In light of the rejection of offers, the Company’s lenders have agreed to extend the covenant deferral for a period up to March 13 2014 whilst the Board continues to explore “alternative options” to maximise value for all stakeholders.

Whilst alternative options continue to be explored, the Board of Albemarle now believes that, depending on the final outcome, there may be limited value attributable to the ordinary shares.

This was posted in Bdaily's Members' News section by Clare Burnett .