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Irish group expresses interest in Straight

Bin manufacturer Straight plc has been approached by Irish investment firm One51 for a possible acquisition.

The publicly listed company made the announcement to the London Stock Exchange on 14 February as provided by the statutory Takeover Code.

The move was described as a “preliminary approach” and may not lead to an acquisition.

Dublin-based One51 focuses on waste management and recycling, with injection moulder and bin manufacturing businesses included in its portfolio.

Under takeover rules, One51 has until 14 March to make an offer or announce it does not intend to do so.

Straight also noted a rise in its share price, which had increased 47% to £62.50 in a week.

The company recently issued an interim statement highlighting the signing of contracts worth over £2m.

In June 2013 Straight announced a three-year refinancing agreement, a year after reporting significant losses.

 

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