Malpas has offer for Arnotts refused

The directors of Malpas Holdings Ltd today expressed their disappointment with the decision of the Board of Arnotts Holdings Limited to reject their €200m offer for the Company and their decision not to refer it to all shareholders.

The decision is came despite the fact that the offer values Arnotts at between €70m and €100m above the valuation placed on the company by chairman Richard Nesbitt.

Malpas has stated that it believes that the decision is contrary to the interests of all shareholders

The directors of Malpas intend to fully consider the implications of this decision by the board of the company before deciding on their next course of action.

Malpas wishes to emphasize that it has a submitted its bid for the company in order to preserve the value of the company for all shareholders.