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Straight bid talks deadline extended

The deadline for a potential offer for bin manufacturer Straight plc has been extended.

Straight was approached in February by Irish investment firm One51 for a possible acquisition.

One51 originally had until 14 March to make an offer or announce that it does not intend to do so, but the deadline has now been extended to 5pm on 11 April.

Straight said it remained in discussions with One51, which is currently reviewing information which has been made available by the company.

One51 said that the anticipated timetable for the completion of these discussions is consistent with the newly extended deadline.

Straight said that the announcement of the extension was not an announcement of a firm intention to make an offer.

The preliminary approach from One51 was announced to the London Stock Exchange on 14 February.

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

Straight also noted a rise in its share price in February, which in one week increased 47% to £62.50. Its price now stands at £55.50.

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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