Montpellier bid for Bullough accepted

Montpellier's increased offer for Bullough has won the day and Bullough's listing on the Alternative Investment Market will be cancelled within days.

Bullough is a manufacturer of oil-fired boilers, central heating units and office furniture.

Montpellier already had a 29.9% stake prior to its bid for 100%. There was resistance to Montpellier's opening bid, but the revised figure of 14p a share was recommended to shareholders by the Bullough board.

Over the past 15 months, Montpellier has also taken minority stakes (from 7% to 30%) in Cape (industrial services), Jarvis Porter (glass manufacturer and pigments for printing ink), Walter Greenbank (wall coverings and fabrics) and Quadnetics (CCTV systems).