Logitek Plc has finally fallen into the waiting arms of Microvitec Plc after a protracted and hostile courtship. The terms currently on the table value Logitek at UKP3.5m, after it turned its nose up at an earlier UKP6.2m bid conditional upon Logitek retaining its networking distribution subsidiary Azlan. Azlan went in a UKP4.3m management buyout and the new bid now offers 21 new Microvitec shares for every 20 Logitek shares or 19.4 pence a share, 5% up on the UKP3.3m offer that Microvitec left on the table after Azlan was sold. Logitek’s chairman Jim Pickup who has opposed the bid from the start will step down, but the rest of the executive team will remain. At the time that Microvitec made its original offers it also opened a rights issue to raise UKP2.5m. This has now closed with valid acceptances for only 6% leaving underwriters Samuel Montagu & Co to pick up the rest of the ordinary shares.
