Photo-Me share purchase triggers takeover rule

Photo-Me International PLC said Serge Crasnianski, its CEO, has published a document with full terms and conditions for a mandatory takeover offer by the CEO’s company Tibergest Pte Ltd., according to Alliance News. The offer for the Surrey-based operator of instant-service equipment has become open for acceptances until March 8.

In mid-January, Tibergest agreed to buy 29.1 million Photo-Me shares from the Dan David Foundation, taking its total holding to 138.0 million shares, or a 37% stake, triggering a mandatory offer under UK takeover rules. So far, the takeover offer has registered little interest, with just acceptances from just 0.01% of shares, according to London South East.