Stanley Gibbons have approached Noble Investments to explore the possibility of a takeover.
The board of Noble, who own stamp
specialists Apex and coins and medal specialists Baldwin's, as well
as multi-discipline auctioneers Dreweatts and Bloomsbury, advised
that there was no certainty that an offer would be made.
However, they also advised that they
were likely to recommend acceptance unanimously if an offer were
made of 255p per Noble share, comprised of 192.5p in cash and 62.5p
in new Stanley Gibbons shares.
At least one source puts the value of
the potential deal under these terms at £42m.
The boards of Stanley Gibbons and
Noble both believe that the combination of the two businesses has
considerable strategic and financial logic and will make further
announcements as appropriate in due course.
The deadline for Stanley Gibbons to
declare that they will or will not make an offer is 5pm on October
"We are naturally restricted in terms
of what we are able to say at this time," said Stephan Ludwig,
executive chairman of Dreweatts & Bloomsbury Auctions and
executive director of Noble.
"The prospective business synergies
speak for themselves and we anticipate Stanley Gibbons raising the
financing referred to in today's stock exchange
"In the meantime it is 'business as
usual' for all of Apex, Baldwin's, Bloomsbury Auctions and
Dreweatts as we head into a busy autumn season of extremely