Ilion accepts Landis cash offer

Well that wasn't so hostile, was it?

ilion's board has approved a £40.2 million cash bid from Landis, just one day after its rival said it was considering going hostile. ilion's directors can be satisfied with their efforts to extract more money from Landis. Last week the networking equipment distie said it had terminated talks with unnamed parties (but known to include Landis), because their offers did not reflect the "true" value of the company. In July, ilion rebuffed a 140p per share offer from Landis (today's bid is worth 160p per share). The Landis bid also represents a 70 per cent premium on ilion's share price on 14 April, the day before ilion announced it was in preliminary talks with prospective buyers. Shareholders owning 46.1 per cent of the issued share capital have committed to accepting the Landis offer. The Landis/ilion combine represents a major consolidation of the European networking equipment distribution scene. Assume redundancies. ® Related story Landis prepares to go hostile on ilion