Creston confirms talks over possible buy-out
Monday, September 15, 2008
Creston, the marketing services group, is in talks that could lead to a private equity-backed management buy-out of the business, led by chief executive Don Elgie and finance director Barrie Brien.
A deal is said to be in the final stages of due diligence, with funding arrangements being made.
Press reports over the weekend suggested the buy-out could value Creston’s shares at 80-90p. The shares closed at 56p on Friday giving the company a current market cap of just over £31 million.
In a statement, the company said the possible offer had been received from a private equity firm which intended to bring in Elgie and Barrie and other senior members of the management team.
The board has formed a committee of independent directors comprising Creston's non-executive chairman, David Marshall and its two non-executive directors, Andrew Dougal and Malcolm Wall to oversee any possible deal.
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