News - North West
Shareholder looking for API Group sale
Shares in the API Group rose following the announcement that shareholder Steel Partners Holdings wants to put the company up for sale.
Steel Partners owns 32.4 per cent of API and has a representative on the board of the Poynton-based packaging manufacturer.
The company said: "No other approaches or indicative offers for the company have been received and the board is not currently engaged in any sale process.
"However, the board takes the views of all its shareholders extremely seriously and will give due consideration to the proposal from Steel and keep shareholders informed of any significant developments."
API reported a £2.9m profit for the six months to 30 September 2011, up from £1.3m a year earlier.