SV EasyScreen was last week taking financial advice on a
takeover offer, valuing the firm at £14.8m, made by
global broker Refco. According to a statement released by
Easyscreen, the offer has been welcomed and the firm hopes to
be able to put it to the board.
Easyscreen has struggled with funding in recent times and was
forced to plan an equity placing in June last year, raising
around £3m, to keep the firm from insolvency (see FO
Week Vol 9 No 39).
The firm's statement says it has been looking for a "strategic
partner with a strong financial balance sheet to fully develop
its potential," and has been "actively exploring its
Refco already holds a 9.1% stake in Easyscreen as part of
joint venture Refco EasySolutions, which hit profit in June
last year. The timing of the takeover bid is interesting,as
Refco is currently being sued by Trading Technologies (TT) for
alleged patent infringement (see FO Week Vol 10 No 9).
It has not been made clear whether TT's suit targets Refco
EasySolutions or Refco's own Refco Pro system.
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