Buy-out Offer For Perform Group

Shareholders urged to take no action

Digital media rights company Perform Group has urged shareholders to take no action following a buy-out offer from investment firm Access Industries, owned by Britain's second richest man Len Blavatnik.

The US Industrialist's investment group, who already owns 42.5 percent of Perform, is looking to increase its holding to over 50 percent offering 260p per share, the price the group originally listed at.

Perform shares closed at 203.8p on Friday but rose to 257.50p following news of the bid, a 26.35 percent increase. The offer effectively values the group at GBP 701.6 million.

Perform's board, however, issued this note to shareholders: "The Board reiterates its confidence in Perform Group's standalone strategy and growth prospects as detailed in last Friday's interim results statement."

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