Financial Times FT.com

Johnston looks at options after more approaches

By Friederike Tiesenhausen Cave

Published: August 12 2004 05:00 | Last updated: August 12 2004 05:00

Johnston Group, which has received a controversial cash-and-share offer from Ennstone, has been approached by other interested parties, an adviser to the construction company has revealed.

Johnston's independent directors yesterday called on shareholders to take no action while they reviewed Ennstone's offer document and investigated "other possible options to maximise value for shareholders". Ennstone's offer, which at yesterday's closing price values Johnston at £48.3m or each share at 446¾p, has the endorsement of the Johnston family, which controls more than half of the share capital.

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