Circuit-Wise out of the running for Prestwick

Circuit-Wise out of the running for Prestwick
Alex Mayhew-Smith A round of consolidation in the printed circuit board sector has left two companies in the middle of takeover talks. Circuit-Wise, the US printed circuit board manufacturer, has pulled out of bidding for troubled Scottish firm Prestwick Holdings. The withdrawal leaves an offer by Surrey-based TT Group of 1p a share as the only firm deal available to Prestwick, which is expected to go under unless a buyer is found. Circuit-Wise had been expected to make an offer of 13p a share. Circuit-Wise said in a written statement: “Having reviewed the available information on Prestwick, the board of Circuit-Wise has concluded that such an offer would not be in the best long-term interests of Circuit-Wise. As a consequence, preliminary discussions between the two companies have now been terminated.” However, it is still possible that further bids for Prestwick could materialise, with TT’s offer valuing the firm at under ?1m compared to ?25m estimated for Prestwick last year. Prestwick confirmed it has received several enquiries from interested parties. Another UK PCB manufacturer, Symonds, has said it is in bid talks about a possible takeover of the firm. Symonds chairman Rod Ackrill said: “The company is in discussions which could lead to an offer of about 43p a share by the end of this week.” The company is not thought to be in financial difficulties and last reported interim figures at the end of last year, with a pre-tax profit of ?2.22m. Symonds’s share price rose 18 per cent to 39p following the takeover news.


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