LDG rejects investment manager DBAY's revised takeover offer

Logistics Development Group PLC on Thursday rebuffed DBAY Advisors Ltd's latest takeover proposal.

DBAY, headquartered in the Isle of Man, is LDG's manager and, as of September 9, already held a 27% stake in the London-based logistics industry investor.

DBAY Advisors submitted an unsolicited proposal to buy all of LDG's share capital on June 26. The original offer of 19 pence in cash per LDG share was upgraded to 20 pence per share on October 1.

The two independent directors on LDG's board rejected the revised offer, considering it not sufficient. The third director on the board, Colin Kingsnorth, was deemed to be "acting in concert with DBAY," LDG noted.

Shares in LDG rose 2.8% to 19.53 pence on Thursday around noon in London. The company has a market capitalisation of £83.8 million.

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