Carclo PLC (LON:CAR) shares jumped higher in early trading on Monday after Consort Medical PLC (LON:CRST) revealed it made a 116p per share takeover approach at the end of May which the global technical plastics products supplier rejected.
In a statement, Consort - which makes drug delivery devices such as inhalers - said Carclo has also rejected subsequent requests from it for a meeting to discuss its proposal.
Consort noted that its non-binding, all-share acquisition proposal represents a premium of approximately 43.6% to Carclo's closing share price of 80.8p last Friday.
As of June 29, it added, the valuation implied an exchange ratio of 0.0973 Consort shares for each Carclo share.
The predator company said it believes that the proposal "offers shareholders in Carclo an attractive upfront premium along with meaningful participation in the value creation over time as benefits of combining Bespak and Carclo Technical Plastics are realised."
Carclo, as at 11.00am, had issued no response to Consort’s statement.
In late morning trading, Carclo shares were 18.8% higher at 91.6p, while Consort shares were unchanged at 1,192.00p each.