Wednesday May 7, 11:00 AM
Vantis rejects unsolicited bid
LONDON (ShareCast) - Shares in accounting, business and tax advisory group Vantis (LSE: VTS.L - news) tumbled Wednesday as the company
confirmed it is no longer in bid talks.The share price of Vantis rose sharply this week from 93.5p at Friday's close to an intra-day high of 123p on Tuesday, prompting the company to issue a statement on Tuesday evening confirming that it had received an unsolicited, very preliminary bid approach. The proposed bid was an all share offer which the board rejected. Prior to the bid approach the company's shares had been in steady decline in 2008, despite an upbeat statement accompanying the company's interim results, announced in January. The AIM listed firm posted a pre-tax profit of £6.02m for the six months ended 31 October 2007, up from £5.82m a year earlier, on turnover on continuing operations up 11% to £46.9m. After discontinued operations and interest, the firm said profit before tax for the period was unchanged at £5.6m. "We remain confident of a successful and progressive outcome to the year," said chairman Paul Gourmand.
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