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Three offers on table

Scots lab-testing firm Exova in bid talks

ExovaExova, the Edinburgh-based testing and calibration company, is in talks with three firms about a potential £600m plus takeover.

Element Materials Technology, Jacobs Holding AG and PAI Partners SAS are considering a possible cash offer.

In a statement this morning, Exova said each of potential bidders is required, by 24 April to announce whether it intends to make an offer.

“There can be no certainty that any firm offer will be made by any of the Possible Offerors or the terms on which any offer might be made. A further announcement will be made in due course,” said the company.

The company floated on the stock market in 2014 but its shares have struggled, although they have recovered over the last 12 months to their 220p flotation price. It was valued this morning at £548.26m,

It was hit by the downturn in oil and gas, but has reduced its reliance on the sector from 17% of sales to 9%. Pre-tax profits last year rose by 7.7% to £43.5m, as sales rose 10.8%.

Majority shareholder is the US private equity firm Clayton Dubilier & Rice (CD&R).

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