Packaging materials company API (API) has been a favourite of ours for some time. Its major shareholders are keen to sell and we know the company has attracted interest. We thought the business could be worth up to 100p a share, but potential buyers, it seems, disagree.
IC TIP:
Buy
at
73p
API has just confirmed indicative proposals received so far have all been below 90p. It refuses to go into any more detail, so we don't know how many bidders there are, or indeed what they are willing to pay.