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Synnovia publishes offer document as it cautions on “difficult” trading conditions

The plastic components maker previously announced a £49mln takeover deal by major shareholder the Barker Partnership, which owns 29.9% of the firm

Synnovia PLC - Synnovia publishes offer document as it cautions on “difficult” trading conditions
Synnovia's products include plastic packaging

Synnovia PLC (LON:SYN) has warned of “difficult economic conditions” in its second quarter as it published on offer document for its £49mln takeover by a fund advised by Camelot Capital.

In an announcement after Monday's close, the plastic components maker said acceptances for the 125p per share offer, which has already been given the thumbs up by investors holding around 57.7% of the company, would need to be received by 1pm on 14 October.

READ: Synnovia to be taken private in £49mln deal

When the deal was originally unveiled in early September, the Barker Partnership, which is advised by Camelot and holds a 29.9% of Synnovia, said the company would be “better suited away from the public markets”.

In a brief update on trading accompanying the offer details, Synnovia said customer demand had remained “subdued” into its second quarter as difficult conditions in the economy continued to impact the business, with sales pipeline also remaining “weak” across the group.

Quick facts: Synnovia PLC

Price: 130 GBX

Market: LSE
Market Cap: £50.69 m

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