Already Guiton’s largest single shareholder, Claverley announced that it was making a cash offer for the group – which owns the Jersey Evening Post and Guernsey Press – after the descendants of the company’s founder, Walter Guiton, said they wanted to sell their stake.A share was worth £2.16 before the announcement but the price leapt 26 per cent to £2.74 yesterday.
There was also an slight increase in trading activity, which can continue until the offer becomes unconditional.Claverley – which is owned by the Graham family and publishes the UK’s biggest selling evening daily outside of London, the Express & Star – is offering shareholders £2.80 a share or £2.90 if they agree to receive payment in two £1.45 instalments separated by a year.
The offer values Guiton at £75.9m – about the same as the group’s annual turnover.
