Thursday, 4 June 2009

Management bids for FDM

(By Anthony Miller – Wednesday 4th June 2009 8:15am). When we last wrote about AIM-listed ITSA-cum-IT services group FDM in March (see FDM’s Mounties keep on riding), we said that their bodyshop model looked exposed. Well, management have put forward a 120p per share bid, backed by Inflexion Private Equity, to take the group private again. FDM’s shares closed at 96p last night after bouncing between 95-105p over the past few months, possibly on speculation of just this event. The last time that FDM’s shares had hit 120p was on Xmas Eve, 2007. The share price had fallen to below 60p a year later, so we think the offer is likely to be of some interest to investors.

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