A court has cleared the proposed management buy-out of UK snack maker Lees Foods.
The takeover, first put forward in April, had been delayed after some investors argued the GBP5.6m (US$8.8m) bid the directors made for Lees under-valued the business.
However, a court today (26 June) gave the green light to the deal. A statement on the London Stock Exchange said Lees' shares were set to stop trading on the AIM on Thursday.
In May, a shareholder group told just-food Lees' management, including CEO Clive Miquel, would "have a battle on their hands" if they were to push through the bid.
The investor group, ShareSoc, could not be reached for immediate comment.
Source:
http://www.just-food.com/news/court-clears-mbo-of-cake-firm-lees-foods_id119591.aspx
