Prestwick bidding war looks likely

Prestwick bidding war looks likely
Alex Mayhew-Smith A bidding war is set to commence over troubled PCB manufacturer Prestwick Holdings. US firm Circuit-Wise is set to up an original bid put in by Surrey-based TT Group of 1p a share. Prestwick, which recently announced a loss of ?1.1m in the six months to January 31, 1999, had originally shown favour to TT’s ?700,000 offer for the company (See EW, May 5, p3). Last year the firm was valued at ?25m. Circuit-Wise has said it may make a definite offer this week depending on the financial information available from the Scottish firm. Prestwick founder Bill Miller, who owns ten per cent of the company’s shares, welcomed the bid by Circuit-Wise but also indicated he thought there may be even more bids forthcoming. However, any rival bidder will have to contend with TT Group’s 26 per cent share holding in Prestwick.


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