Erskine House Plc is to lose its independence after agreeing a UKP67.4m cash offer from US photocopier dealer Alco Standard Ltd. The shares, which closed at 35 pence on Monday night, leaped 54 pence to 89 pence, just shy of the 90 pence at which the bid values the ordinaries. The preference shares are valued at UKP1, and rose 39 pence to 98 pence. The UK is a logical next step for Alco Office Products and Erskine House is an ideal fit considering that it also has a significant presence in the US market and complementary interests in Germany, Alco chairman and chief executive Ray Mundt commented.
