Jun 22, 2017

Hornby says takeover bid undervalues firm

Model toymaker Hornby has said a takeover offer from its largest shareholder, Phoenix Asset Management, "Significantly undervalues" the firm. Phoenix has launched a mandatory bid for Hornby, after offering to buy a stake from another investor that would gave it a 55% holding in the firm. The offer, of 32.375p per share, values Hornby - which also owns the Scalextric and Airfix brands - at £27.4m. Hornby has advised investors to take "No action for the time being". The toymaker also said it had appointed David Adams as its interim chairman, replacing Roger Canham who resigned from Hornby's board on Wednesday. On Wednesday, Hornby had reported falling revenues and deepening annual losses.

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