Oberthur given Feb deadline for De La Rue bid

10th Jan 2011 15:53

French banknote printer Oberthur has been given until 5pm on 7 February to make a bid for UK rival De La Rue or walk away.The company last month made an indicative all-cash proposal of 905p-a-share for De La Rue, which was roundly rejected as it "in no way reflects the fundamental value of the company".Oberthur, reacting to the Takeover Panel decision, called on De La Rue shareholders to "demand that the board of De La Rue provides a complete picture of the company's current position and prospects and substantiates its claim that Oberthur's indicative proposal does not reflect the fundamental value of the company"."The crucial questions we and other market participants have in relation to India, the status of De La Rue's relationships with its existing customers and De La Rue's record on recent tender wins and losses remain unanswered," said president Jean-Pierre Savare. "De La Rue's shareholders deserve a comprehensive update from the company so that they can form a fully-informed view as to the full financial impact of recent issues, the Company's standalone prospects, which we believe are uncertain, and the merits of our indicative proposal, which we believe offers compelling value, and act accordingly."