Rotala receives take-over proposal from directors

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Preston Bus is one of the operators owned by Rotala, alongside its Diamond Bus and Hallmark companies. JONATHAN WELCH

Rotala PLC has announced that it has received a proposal from a number of its directors, Chief Executive Simon Dunn, Managing Director (North West) Bob Dunn and Non-Executive Chair John Gunn in relation to a possible cash buy-out offer of 63.5 pence per share. According to Rotala, the offer would be made by a newly incorporated entity established by the three offerors and their spouses and certain personal pension plans, and would be made for the entire issued and to be issued share capital of Rotala which the offerors do not already own.

The offerors, together with their concert parties, currently hold 11,661,434 ordinary shares of 25 pence each, representing approximately 37.59% of the company’s issued share capital.

As a result of the approach, a committee of independent directors has been formed to give initial consideration to the offer.