Bosses at Trowbridge-based bed and furniture maker Airsprung have accepted an increased cash offer with the holding company of Andrew Perloff, an active investor in Airsprung.
His investment company, Portnard, has upped its offer for the company to 31p a share from 27p. Shares in the company had already posted big gains after the initial offer.
When the initial offer was made last month, Airsprung said that shareholders should take no action in response to the offer, but today it detailed why it thought the increased offer is a good one.
It said in a statement to shareholders it said: “The Airsprung directors regard Airsprung as a professionally managed business which has shown a degree of resilience during the recent economic pressures and believe that the prospects of Airsprung as an independent company would be sound.
“However, the group operates in a cyclical sector, and sales and profitability are affected by a number of factors outside management’s control, for example, the prices of raw materials, housing activity, consumer spending, the level of VAT and the relative success of the group's retail customers.”
Airsprung shares closed up by 2.5p on the day at 29.5p.
