Engineer slams TP Group rejection of takeover talks

Business

Graeme Evans @EvansOnTheMoney

A TAKEOVER scrap involving two AIM-listed firms escalated today when hydrogen fuel cell business TP Group’s failure to engage in talks was described as “extraordinary” by its Cambridge-based suitor. Science Group has built an 18% stake in its target and warned it will adopt an “active engagement strategy” if it is unable to make an offer. It described its increased 6.5p a share takeover proposal worth £50 million as final, but TP said last night the approach continued to undervalue the business. Science Group today said: “The TP Group board’s optimism for the future… has consistently failed to translate into value for shareholders”. TP shares were 0.3p lower at 5.75p.