THE BID by Cork-based Premier Group to acquire quoted UK recruitment firm Imprint appeared to move a step closer yesterday when the board of the London-based business withdrew its recommendation for a rival offer.
Imprint, the subject of a three-way bidding battle, said it was withdrawing its recommendation for an offer made by Hydrogen Group.
Premier, a recruitment firm headed by Kerryman Pat Fitzgerald, has made an all-cash bid of £45.2 million for Imprint, valuing the company at 115 pence a share.
Hydrogen's stock-swap bid valued Imprint at 103.6 pence a share.
It yesterday said it was considering its options.
OPD Group, meanwhile, is the third bidder for Imprint. It has offered five OPD shares for every 14 Imprint ones, plus 36.75 pence in cash.
It has also offered a full cash alternative of 93 pence for every Imprint share.
Imprint's shares closed yesterday at 11.25 pence, down 0.5 pence on the previous day.
On Thursday Premier increased its stake in Imprint to 25.62 per cent, a move which bolsters its position in the bidding war.
The company has spent about £11.5 million building its stake in Imprint.
In a statement released yesterday, Imprint said:
"The board is reviewing the offer situation with all three offerors and their advisers, and will make a further announcement in due course."
