Tue, 19 Jul 2011 | DIVISION SALE
Irish engineering company, Charter, is considering a break up and sale of some of its core businesses in the UK as it tries to halt further attempts at a takeover.
The company is specifically exploring a potential sale or demerger of Howden, its air and gas handling firm which is based in Glasgow, according to reports in The Sunday Times newspaper. The company has enlisted the advisory services of Goldman Sachs to carry out a full examination of its options.
The move to sell off parts of the company has come after Charter was subject to a second takeover bid by the industrial turnaround specialist firm, Melrose, last week. The offer from the Warwickshire-based firm was in the region of £1.4 billion. Charter made an outright rejection of the bid on Friday, stating the Melrose was being "opportunistic" and that they had undervalued the company.
A statement accompanying their rejection of the bid said, "Having reviewed Melrose's revised proposal and given Melrose's advisers the opportunity to provide certain important clarifications, the board of Charter continues to believe that Melrose's revised proposal is opportunistic and undervalues the company and its prospects."
Charter bosses are hoping that selling some of the businesses sub-divisions will reduce the chances of another bid being made.
This outstanding business is being sold together with its exceptional freehold commercial premises. Also included in the selling price is an adjacent 3 bedroom semi-detached residential property that is currently let on an AST.
FREEHOLD
Under current ownership for the last 25 years, but with a trading history dating back to the 1940s, the company manufactures and sells high-end architectural joinery for new builds and renovations.
The business is well-established and offers its products and services across the region. The vendors now wish to retire, with the business representing an excellent acquisition for an existing operator within a similar sector or a new market entrant.
LEASEHOLD
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