MBO of CNG Travel clears final hurdle

THE management buy out of Kenmare-based CNG Travel has cleared its final hurdle.

The MBO vehicle, CTH, has got the backing for the takeover of 82.9% of CNG shareholders. The way is now clear for the company to go to the High Court to look for permission to seek the compulsory acquisition of the remaining shares.

CTH, which is led by CNG’s chief executive PJ King, has offered 14.5 pence a share.

The offer values CNG at €13.4m, a good deal below the €100m value it had when it joined the stock market in 2004.

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