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Deadline for Straight takeover extended again

Bin manufacturer Straight plc has agreed once again to postpone the deadline for Irish group One51 to make a takeover offer.

One51 was due to announce whether it intended to proceed with the deal or drop negotiations by today (25 April), but the companies have announced that an extension to 2 May.

The deadline has now been postponed three times after a preliminary approach from One51 was announced to the London Stock Exchange on 14 February.

Straight said the latest delay was due to the Easter break. A possible takeover could only take place after both Straight and its subsidiary Straight Manufacturing Limited had their accounts signed.

Straight posted pretax losses of over £130,000 in its 2013 results released on 17 April, but said underlying profits before interest, taxes, depreciation and amortization increased more than 150% year-on-year.

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