Premier steps up bid for Imprint

PREMIER, the Cork-based recruitment company, has increased the pressure on British firm Imprint to accept its takeover offer after buying a 23% stake in the company.

The purchase, which set Premier back £10.2 million (€13.3m), came hours after the board of Imprint urged its shareholders to reject the Irish firm’s takeover bid.

Premier, run by Pat Fitzgerald, has offered 115 pence (150 cent) a share for Imprint — a London listed recruitment company that was set up by Irishmen Brian Hamill and Pierce Casey.

Imprint told shareholders that it could not recommend they accept the offer and that the company’s board “unanimously” recommends they accept a rival bid.

Hydrogen, another listed recruitment company, has put forward a cash and share offer Imprint. Hydrogen is offering 0.461 of its own shares for every Imprint share. This values Imprint at around 102p. Hydrogen is also offering a cash alternative of 96p a share, a 16.5% discount on the Premier bid.

Shares in Imprint closed up 5.3% at 113.7p, though they briefly touched 115p. The company has seen its share fall by 60% in the past year.

Premier said in a stock exchange statement last night that it paid 115p for its stake. Its bid values Imprint at around €60m.

Premier has a turnover of about €90m.