UNITED NEWSPAPERS TAKE 24.3% STAKE IN EXTEL GROUP AND LAUNCHES SHARE EXCHANGE OFFER FOR THE REST

Turns out that United Newspapers was the company interested in Extel Group Plc: it yesterday snapped up the 24.3% stake acquired by Samuel Montagu from Cap’n Bob, and launched a share exchange offer for the rest valuing Extel at UKP250m; market reaction was negative and by close of play yesterday, the bid was worth 492 pence a share, 27p shy of the 519 pence Extel market price.

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