Bullough rebuffs Montpellier's bid

Bullough has rebuffed Montpellier's £6.3m bid as the directors consider it "inappropriate at this present time".

Bullough's board believes the constituent parts of the firm (temperature controls and office furniture manufacturing and supply) are worth "considerably in excess of the current market value of the group".

Indeed Bullough is in discussions with another party for the sale of one of its divisions. The board claims that if successful, this sale will realise more value for shareholders than Montpellier's 12p per share offer.

YJL parent Montpellier launched its bid last week. The group already owns 29.9% of Bullough.