Alterian rejects £50m takeover offer from SDL
The non-binding offer of 80p per share, made in a letter to Alterian’s board on Friday and rejected the same day, represented a 40.4% premium over Alterian’s closing price of 57p on Thursday – but the firm’s shares were trading this morning at 80.4p.
Alterian’s three founders left this year following disappointing financial results which saw a drop in sales and a £4.4m operating loss. The company, under new chairman Phil Cartmell and CEO Heath Davies (pictured), has been reviewing its business but has said it is not considering a sale.
SDL said it believes there is a “strong strategic fit” between the two companies, and that Alterian would be well placed to serve and expand its customer base as part of the SDL Group. The firm said it would now “seek to establish if there is sufficient value and opportunity to proceed to a formal offer”.
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