Sunbeam and Victa parent receives takeover offer

By James Wells

MELBOURNE: The managing director of Sunbeam and Victa’s parent company GUD Holdings, Ian Campbell, this afternoon told Current.com.au that he has received a number of approaches in relation to the ownership of the company.

Campbell said it is business as usual, even though shares in the company rose by over nine per cent today from a low of $9.98 to $11.00 after almost three million shares were traded in the company.

“My view is our results will be out on the 26th of July. If I was considering selling, I would want to see what the results are like and what the outlook is for the 2008 financial year. If someone thinks the shares are worth $11.00, maybe that price isn’t high enough,” Campbell told Current.com.au.

“We have had a strong year in Sunbeam this year and we are expecting a strong year next year.”

According to a statement released to the Australian Stock Exchange this afternoon, GUD Holdings company secretary, Malcolm Tyler, confirmed that the company has been approached by potential purchasers.

“The board of GUD Holdings Limited notes this morning’s trade, by special crossing, of 2.5 million GUD Holdings Limited shares – 4.2 per cent of shares on issue – at a price of $11.00 per share," the statement said.

“The board has recently received approaches in relation to the ownership of GUD. The board has rejected a proposal on the grounds that it was incomplete, highly conditional and did not reflect the Company’s fundamental value and growth opportunities.

“GUD will keep the market informed of any further developments and has appointed Macquarie Bank to advise the company in relation to any proposals received in relation to its future ownership.”

Late last month, Campbell said the company is expected to exceed its forecast earnings of $29.2 million for the second half of the financial year.

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