Powerscreen shares climb after bid approach

01 April 1999

Powerscreen shares climb after bid approach

SHARES in Powerscreen International rose 44.5p to 149.5p after the Northern Ireland company said it had received a bid approach.

Speculation about a possible takeover has swirled around the company in recent weeks.

Interest intensified in October when Sean Quinn, a businessman based in Northern Ireland, acquired a 6.1% stake to become the largest shareholder.

Mr Quinn is a friend of the former chief executive, Shay McKeown, who left after the Matbro affair.

The companys shares plummeted last year after two profits warnings and an investigation by the Serious Fraud Office into accounting irregularities at Matbro, its agricultural equipment subsidiary.

• Powerscreen probe nears end, FWi, 23 September, 1998
  

• The Times 01/04/99 page 31
  
• Financial Times 01/04/99 page 22 (People on the Move), page 33 (News Digest)