Shareholders in one of the country's oldest companies have been recommend to reject a takeover offer by a descendant of the founding family.
Last month, Bryan Toye announced he wanted to delist Birmingham-based jewellery maker Toye & Co plc after 11 years of trading on AIM - a move which followed him taking a controlling interest a week earlier.
He has made an offer of 35p per share to remaining shareholders through Bryan Toye Ltd (BTL), a special purpose limited liability company wholly controlled by Mr Toye and set up for the purposes of the proposed acquisition.
The offer values the entire issued capital of Toye & Co, which was founded in 1685, at approximately £786,800.
Now, in an update to the stock exchange, independent directors are recommending shareholders reject the offer as they believe it falls short of a price fully representing a fair value for the company.
Directors said the offer price was a discount of 30 per cent on the closing price of 50p per share on the last day of business before the offer period started and a 23 per cent discount on the average share price over the last six months.
Despite their clear stance, directors do concede that it may be difficult for shareholders to offload their stakes if and when the company is taken private.
Toye & Co designs and manufactures jewellery and identity products for governments, corporates, societies, clubs and associations.
In addition to its metalworking base in the city's Jewellery Quarter, it has an office in London and a textile production operation in Bedworth, Warwickshire.
BTL has a controlling interest of 53.38 per cent in Toye & Co and has secured irrevocable commitments from other shareholders representing a further 14.30 per cent.
If successful, Bryan Toye intends to remove all Toye & Co directors who are not members of the Toye family.
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