Business Services Industry
UK-based Melrose Resources offers cash to Novar shareholders.
Knight Ridder/Tribune Business News, November, 2004
By Richard Orange, The Business, London Knight Ridder/Tribune Business News
Nov. 14--Melrose plans to funnel up to 400 million pounds (576 million euros, $744 million) back to Novar's shareholders if the hostile bid it launched on Thursday against the UK conglomerate succeeds.
Melrose, a takeover specialist, aims to gear up Novar's chequeprinting business, Securities Printing Services (SPS), to the maximum, releasing cash that could then be returned to shareholders, either through share buybacks or a special dividend.
Melrose chief executive David Roper told The Business: "We could probably raise 350 million pounds-400 million pounds without having to cede any equity. A very big chunk of that would be returned to shareholders. Maybe...
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