Oberthur Won’t Make Another De La Rue Bid; Hires Its Former CEO
Francois-Charles Oberthur Fiduciaire SA said it hired the former chief executive officer of De La Rue Plc (DLAR) as an adviser and it doesn’t plan to make another bid for the banknote printer after a previous overture failed.
James Hussey’s “detailed understanding of the market and long-standing relationships across the industry will be invaluable to Oberthur,” Chairman Jean Pierre Savare said in a statement. “We want to clarify, without any reservation, that we have no intention of making an offer for De La Rue.”
Oberthur abandoned a 10-week chase of the 200-year-old Basingstoke, England-based company after De La Rue refused to enter talks over a sweetened 926 million-pound ($1.5 billion) offer in January. Hussey resigned in August after production issues at a factory caused operations to be suspended. His resignation stemmed from “his belief that he must take responsibility for this,” the company said at the time.
De La Rue fell as much as 5.1 percent to 780.5 pence in London, the biggest intraday drop since Jan. 24. The stock traded 3.3 percent lower at 795 pence as of 10:03 a.m., giving the company a market value of 789 million pounds.
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