Photobition targets Wace with pounds 42m bid
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.PHOTOBITION, the aggressive graphics group, yesterday launched a hostile bid for Wace, its troubled rival, valuing each Wace share at 52.6p and the entire company at pounds 41.7m, writes Peter Thal Larsen.
The offer was unanimously rejected by Wace's board as offering "inadequate value" to its shareholders, and it advised them not to take any action.
Photobition proposes merging its operations with Wace in a move to create a world leader in digital services with a network covering the UK, Europe, US, Australia and Hong Kong.
Eddie Marchbanks, Photobition chief executive, said he had approached Wace's management. "We had lunch about three weeks ago and I said we would be interested in bidding at a certain level. But they never got back to me."
A deal would almost certainly lead to job losses. Wace has 2,000 employees, about 500 in the UK. Photobition, which has roughly the same turnover, employs 1,050. "There may be a good reason why they have so many more staff, but I've got to get inside and have a look before I can answer that question," Mr Marchbanks said.
Wace shares jumped 10p to 51.5p, while shares in Photobition, which launched a pounds 69m share placing to help fund any deal, dipped 1p to 239p.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments