Fleet News

Northgate ends potential takeover talks

NORTHGATE, the UK’s largest daily rental group, has ended talks with private equity firm Terra Firma which could have led to a takeover.

The companies had been locked in talks for four weeks after Terra Firma, led by financier Guy Hands, made a bid approach, estimated at £800 million.

But in a statement, Northgate said: ‘Following its announcement on 10th October 2005 that it had received an indicative offer of 1200p per share, the Board of Northgate announces that, after consultation with its principal shareholders, it has concluded that it would not be able to recommend an offer on the terms proposed.

‘The potential offeror has stated that it is not prepared to increase its indicative offer and, as a result, the offer has now been withdrawn and discussions have terminated.’

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