It was clear that in extremis, Case Group Plc had a white knight waiting in the wings to rescue it from the unwanted attentions of Gandalf Technologies Inc: we suggested that with the improved Gandalf offer it might be needed (CI No 975), and so Case has decided. Yesterday, Dowty Group Plc rode in from the wilds of Gloucestershire to rescue Watford’s damsel in distress with a shares and convertibles offer valuing Case at UKP82m on Dowty’s arithmetic; there is a 56.25 pence cash alternative to the Dowty shares but not the convertibles. The Case board is recommending the offer, and Case will almost treble the size of Dowty’s Information Technology division to some UKP160m; there are two or three minor product line clashes. Discussion of the offer follows.
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