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Restore rebuffs Marlowe takeover offer

The low cash element also represents a stumbling block
Restore rebuffs Marlowe takeover offer

 

  • Terms of the latest prospective offer largely unchanged
  • Restore bosses see no compelling strategic benefits

Support services group Restore (RST) has rejected a £743m takeover offer from business service and software supplier Marlowe (MRL), arguing that the proposal is not strategically compelling.

Marlowe made its intentions public on Thursday morning, revealing a possible cash/scrip offer to buy Restore for 530p a share - comprising 71p in cash with the remainder in Marlowe shares. Restore shareholders would own around 49 per cent of the combined group.

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