Merger tip was false says Prestwick boss

Merger tip was false says Prestwick boss
Alex Mayhew-Smith Pat Moore, CEO of PCB manufacturer Prestwick Holdings, has confirmed that the firm is not engaged in any merger discussions. This follows a mistaken tip which resulted in a short lived increase in share price. The tip that Prestwick – which saw a ?740,000 loss for the year ended August 2 in 1998 – had received an approach was based on information about five months out of date, said Moore. However, he said the company is still interested in entering talks with potential partners. “In our annual report we said that to be bigger and stronger, with the ability to invest in the business, we would consider a deal. There is nothing going on at the moment but should a suitable partner come along we would talk to them,” said Moore. In the last three months the firm has cut 100 jobs with business remaining flat in the UK. “It is cheaper to buy PCBs in the Far East at the moment and like everybody we have had to adjust our business,” said Moore. Prestwick’s shares settled at about 14p.


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