British financial advisor Lighthouse Group has rebuffed a multimillion-pound takeover bid from financial advisory group AFH Financial.
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AFH said it has made an initial approach to buy Lighthouse on 9 March 2016 at 13 pence per share, valuing Lighthouse at around £17.4m.
The offer price represented a premium of 26.8 per cent to Lighthouse’s share price of 10.25p on 8 March 2016.
The board of Lighthouse had disappointingly refused to discuss the terms of a potential offer and had rejected the indicative bid tabled by AFH.
AFH added it is now considering its next steps in connection to an offer for Lighthouse.
Lighthouse, in a statement, said the offer tabled by AFH fundamentally undervalues the group and its prospects and advised its shareholders to take no action in relation to the AFH bid.
