Wednesday, February 18, 2009

Marwyn Materials' anticipated bid for Ennstone called off

The anticipated take-over bid for Ennstone by newly created shell company Marwyn Materials isn’t going to happen.

The problem is that after approaching Ennstone to talk details, Marwyn says that it has been unable to agree terms with Ennstone that it considers would be in the best interests of its (i.e. Marwyn’s) shareholders.

Feeling that it has reached the end of the road, Marwyn has now walked away.

In a statement on the Stock Exchange Marwyn declared that its interest in Ennstone “has now been withdrawn”.

It adds: “Marwyn Materials considers that the opportunities to secure value-enhancing acquisitions in the building materials sector have increased in recent months. The company is currently reviewing a number of potential purchases.”

Which rather poses the question of where will Marwyn turn next, given that this latest development leaves it with ВЈ80m still burning a hole in its pockets?

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