API admits indicative sale offers have been below mid-market price

Specialist packaging company API Group has issued a trading update relating to its formal sale process, addressing recent share price movement.

The company said that interested parties had been provided with access to management and due diligence information about API, but it acknowledged that to date indicative proposals had been below the closing mid-market price of API shares of 90p.

A statement from the company read: "The board wishes to emphasize that there can be no certainty that any formal offer will be made for the company, or even proposed, or as to the level of any proposal or offer that may be made."

"The board reserves the right to alter any aspect of the formal sale process or to terminate it at any time and in such cases will make an announcement as appropriate. The board also reserves the right to reject any approach or terminate discussions with any interested party or participant at any time."

MF