CRAY ELECTRONICS MAKES UKP22m AGREED BID FOR MARCOL

Marcol Group Plc is recommending a seven-for-ten share exchange offer from Cray Electronics Holdings Plc only seven months after the defence and financial software and personnel company went public (CI No 774). The offer values Marcol at UKP22.3m, and the indicated price per share of 156.1 pence is an 84.7% premium on the price ahead of the bid, and compares with a placing price of 115 pence. Details are in page 5.

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