SBS Logistics

Following our report in the last issue of …unquote†of the pending public-to-private buyout of engineering company FCX International by Alchemy Partners, it has been announced that Alchemy has had to increase its share price offer, following a rival bid by JO Hambro Capital Management Ltd. Alchemy was previously offering 260p per share, valuing the company at £47.1m; however, an offer of 275p per share was put forward by JO Hambro, forcing Alchemy to hike its share price offer to 280p per share, which values the company at £50.7m. At the same time, however, Alchemy has lowered the percentage of shareholder acceptance it needs to go ahead with the deal from 90% to 50%. On the 20 June the Alchemy Investment Plan had purchased 39.8% of FCX shares in the market.

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