PMP in trading halt pending statement on TMA takeover bid
BUSINESSDESK: Shares of ASX-listed printer PMP were halted ahead of a statement relating to the "highly conditional" takeover offer made by TMA Group.
The printing company expects to release a statement before midday in Australia "in relation to the previously announced indicative offer" that was as much as three times the share price when made, PMP said in a statement to the ASX.
The shares dropped 5.7% to 33 Australian cents in trading yesterday, valuing the company at $A106.9 million.
Sydney-based ticketing, parking equipment and packaging services firm TMA emerged as a potential buyer in May, having made an offer of between 68 cents and 78 cents when the stock was hovering near a record-low 25 cents in April.
PMP's share price has almost halved in the past 12 months as the printing company downgraded profit forecasts and unveiled plans to slash costs.
The company also operates in New Zealand, printing magazines and advertising materials for companies such as Fairfax Media, New World supermarkets and Sky Network Television, and distributing magazines through its Gordon & Gotch subsidiary.