Pochin’s is listed on the London stock exchange but property development director Jim Nicholson, grandson of founder Cedric Pochin, wants to take it back into private, family ownership. He made an initial approach to the board in December, representing members of the Cedric Pochin concert party.
Under city trading rules, these moves have to be declared and bidders have to make a firm offer or walk away within a month. The Takeover Panel has today agreed to give Mr Nicholson another month’s extension, the third since his initial approach. He now has until 31st March.
Pochin’s independent directors said that they “consider that it remains in the best interest of shareholders for discussions to continue”.
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