Melrose gives "put up or shut up" deadline
Turnaround company Melrose, which has major operations in Warwick, has issued its acquisition target Charter with a "put up or shut up" deadline.
Melrose gave the 6 September ultimatum to the Irish manufacturing company, to which it has proposed two takeover bids, both of which have been rejected.
Charter revealed yesterday (23 August) that is was in potential takeover talks with another unnamed company. Speculation has suggested the company could be US-based Lincoln Elcetric, which claims to be the largest welding firm in the world.
Christopher Miller, chairman of Melrose, said: "Following the Charter announcement yesterday we have asked Charter to cooperate in a diligence process and to lengthen the 'put up or shut up' timetable to assist us in presenting an offer for their shareholders' consideration."
The company gave the deadline as it revealed its six-month annual results.
In the six months to 30 June, revenue at Melrose was up 9 per cent to £555.9m, while order intake was given an 18 per cent boost on the comparable 2010 period.
