Cardpoint rejects bid approach

UK cash machine operator Cardpoint today rejected the £105m (€156.7m) takeover offer which prompted the resignation of its chairman last month.

The Blackpool-based company said the 100p a share proposal it received in October “did not reflect fair value” for the company.

The approach led to the resignation of chairman Michael Hepher who felt he lacked the time to handle sale talks because of other boardroom commitments.

It is understood that Mr Hepher opposed the 100p a share offer but left to concentrate on directorships at Kingfisher and Lloyd’s insurance group Catlin.

Cardpoint today said: “The board announces that the approach has been rejected as it did not reflect fair value in relation to current trading nor to the board’s expectation of future trading.”

It is the second time this year that Cardpoint has ended talks with potential buyers after an earlier round of discussions collapsed in June.

The company also said that current trading was in line with directors’ expectations.