A£5.6m management buyout of UK-based confectionery firm Lees Foods has been approved following a court hearing.
The acquisition was delayed after shareholders expressed concern that the offer of 230p-a-share deal was too low.
However,the hearing cleared the terms of the offer from the directors of Randotte,who are also directors of Lees.Randotte is a private limited company incorporated in Scotland on 10 February 2012 and formed specifically for the purposes of the acquisition.
On the day of the court hearing,Randotte's directors released a statement confirming they had no plans to divest the Lees business.They also confirmed that the company would not be sold to a third party for at least two years.
Lees Foods manufactures teacakes,meringues and seasonal biscuits from a factory in Coatbridge,UK.
