Andy Stewart, Cenkos chief executive, is planning to meet with small Close Bros shareholders in an effort to promote his 950p-a-share offer, valuing Close Bros at £1.41bn.
Stewart said he would take his offer direct to the main shareholders if the Takeover Panel approved the takeover, FT.com reports. Close Bros' biggest shareholders are Caledonia Investments, Lloyds TSB, Prudential, Standard Life and Legal & General.
Before making his indicative offer last Wednesday, Stewart had discussed raising equity finance for the deal with shareholders and potential investors in Cenkos. He said he would continue to meet possible investors this week.
Close Bros rejected his 950p-a-share bid, within 24 hours of Stewart's offer, as ‘wholly inadequate, refusing to even pursue discussions with Stewart.
According to analysts, the offer does not fully reflect the company's value and assumes growth in line with market forecasts and the return of some of the company's cash, but lacks a bid premium.
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