The independent non-executive directors of Valpak today adjourned the company’s annual general meeting and court meeting to consider other bidders for the company.
It will now be held on 29 September at 3pm, at which time matters relating to the management buy-out will be considered.
Valpak non-executive director Gerald Orbell said: “Any member who missed the opportunity to vote now has until 27 September to do so.”
A spokesman for Valpak said that other third parties had come forward to bid for the company ahead of the AGM and that it was therefore the duty of the independent directors to consider these offers. However, they were unable to reveal how many companies or which companies had come forward with offers.
Valpak chairman Lord Deben (John Gummer) wrote to Valpak members at the beginning of August proposing a management buy-out for the company due to uncertainty around the PRN system. He said the management buy-out would then enable Valpak to diversify its business. See story here.