Flotation in view as Clark rebels act to block bidder
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.REBEL directors at shoemaker C&J Clark are considering bringing the company to the stock market under a plan to thwart a pounds 160m takeover by Berisford International, the commodities and property group, writes Russell Hotten.
The directors may announce this week that they have arranged for an institution to buy out disgruntled investors. Their plans also involve cutting the number of directors, which is likely to mean the removal of relatives from the board - something guaranteed to deepen the divide in the Clark family.
The loss-making company has been in turmoil for months, with directors split over its future direction. C&J Clark, 70 per cent owned by 500 members of the Clark family, is thought to be the UK's fifth-largest private firm.
Many shareholders are keen to sell and most of the board want to continue talks with Berisford, which is offering a mixture of shares and cash. But four dissident directors, led by Lance Clark and claiming to speak for about 40 per cent of shareholders, say Berisford is trying to get the historic Quaker company on the cheap.
Lance Clark's alternative plan is to let the unnamed institution take a minority stake in return for allowing any shareholders to sell.
And according to an insider, the rebels are talking to advisers about a stock market launch in 'two or three years' if C&J Clark's financial fortunes improve. The company, hit by recession in the shoe industry and the flood of cheap imports, has recorded several consecutive profit falls. Figures for the half year to July revealed a pounds 3.5m loss.
Berisford is believed to be ready to accept 75 per cent control. It is resigned to not being able to talk round the four dissidents, who hold 13 per cent of the shares.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments