Stockport based packaging company API has abandoned current plans to sell the business after careful deliberation reslted in the group’s owners concluding that the current bids were not in the best interest of the comapny or its shareholders.
News of the sale was reported here last month when the AIM listed Stockport packaging and foils manufacturing group reported that it has recieved “below market value” offers after being put up for sale in September last year when it stated a market value of £48m.
API, which is partly owned by US investors Steel Partners and Wynnefield Capital who own 32.3% and 29.6% respectively, said it had received a number of offers as it has seen its share price rise by more than 30% from 68p to 90p over the past 2 months. However, the company also declarded that any agreed bid is unlikely to match the current share value.
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