Ashtead Technology has received an unsolicited and non-binding indicative proposal from Ember Infrastructure Management.
This follows three previous bids from Ember, the first two of which were “unequivocally rejected” by the board.
The latest proposal is at a price of 615 pence per Ashtead share. The board is considering this with its advisers and is providing Ember with preliminary due diligence information.
A stock exchange update noted that shareholders are advised to take no action at this time, as “there can be no certainty that an offer will be made, nor as to the terms of any offer if made”.
The deadline for a firm bid is 21 October.
Ember is a New York-headquartered private equity firm, investing mostly in infrastructure solutions.
Energy sector subsea solutions provider Ashtead’s first-half results revealed a 1.1% year-on-year rise in revenue to £100.2m, with “solid performance” in Europe offset by the impact of conflict in the Middle East, project delays and “softer offshore renewables activity in Asia”.
